SLRC - Ardelyx Announces Amendment of Debt Financing Agreement with SLR Capital Partners to Provide $50 Million of Additional Committed Capital | Benzinga
WALTHAM, Mass., Oct. 17, 2023 (GLOBE NEWSWIRE) -- Ardelyx, Inc. (NASDAQ:ARDX), a biopharmaceutical company founded with a mission to discover, develop and commercialize innovative, first-in-class medicines that meet significant unmet medical needs, today announced that it has amended the debt financing agreement with investment affiliates managed by SLR Capital Partners (SLR) it originally entered into in February 2022. The amendment includes access to an additional $50 million in committed debt financing, at Ardelyx's election, and, subject to SLR credit approval, may be further increased by an additional $50 million. The interest-only period for existing and new tranches funded under the instrument is extended to December 31, 2026, effective upon Ardelyx's decision to draw the second tranche of $22.5 million. Ardelyx currently expects to draw the second tranche in October to support the commercial launch of XPHOZAH.
"We are pleased to expand our relationship with SLR through this amendment, which will provide non-dilutive funding to strengthen our balance sheet and extend our runway. We believe this financing provides us with the funds necessary to support the commercialization of our two FDA approved products, IBSRELA and XPHOZAH," said Justin Renz, chief financial and operations officer of Ardelyx. "The combination of our strong cash position, multiple drivers of top-line revenue and options to pursue further business development in unpartnered territories uniquely positions us to continue building a leading biopharmaceutical company and bring first-in-class medicines to patients with unmet medical needs. I would like to thank SLR for their continued partnership, which we believe reflects the value of Ardelyx, our novel mechanism therapies and the investment opportunity that Ardelyx presents."
"SLR is excited to continue our funding partnership with Ardelyx as they launch XPHOZAH and commercialize it alongside IBSRELA," said Anthony Storino, Head of Life Science Finance at SLR. "We are delighted to partner with Ardelyx during this important milestone as they prepare to launch their second commercial product ...