Ardelyx raises more than $60 million in IPO

Fremont biotech company Ardelyx began trading Thursday on the NASDAQ and stock prices immediately jumped in the morning hours on Wall Street.

Ardelyx shares opened at $14.50, slightly above the midpoint of its $13-$15 IPO pricing. Shares reached as high as $14.75 before dropping about 25 cents by mid-afternoon. The company, which offered 4.3 million shares, raised more than $60 million in its Wall Street debut.

Ardelyx is a clinical-stage biopharmaceutical company that develops therapies to treat gastrointestinal and metabolic diseases. Led by Chief Executive Mike Raab, the company has developed a method to discover and design new drugs and has held clinical trials in more than 765 people. The company was founded in 2007 and last year had about $29 million in revenue and $6.6 million in losses.

Ardelyx is the only Bay Area company to IPO this week, but the market, which came to a standstill in late April, is heating back up. Los Altos-based Box, a Silicon Valley darling in the cloud software sector, is reportedly revisiting its IPO after a months-long delay as it has waited for the market to rebound. The company filed papers with the SEC on March 24. MobileIron, a Mountain View company that makes software for businesses to manage mobile data, raised about $100 million during its first day of public trading last week after it too had delayed its market debut.

Heather Somerville Heather Somerville (192 Posts)

Heather Somerville reports on consumer affairs, retail and technology for the Bay Area News Group. She lives in San Francisco, where she enjoys rock climbing, yoga and biking across the Golden Gate Bridge.