AstraZeneca partner Ardelyx pitches $69M IPO

Just a few days ago Fremont, CA-based Ardelyx grabbed a $25 million milestone for the progress AstraZeneca's been making with their Phase II program for tenapanor for hyperphosphatemia--or elevated serum phosphorus--in patients with end-stage renal disease. The biotech quickly followed up with a $69 million IPO pitch designed to fuel the company's work on a gastrointestinal drug platform. Ardelyx retained U.S. co-promotion rights for tenapanor when it did its deal with AstraZeneca ($AZN) back in 2012. And it's burned through about $66 million to get to this stage. Its investors include New Enterprise Associates, Amgen and CMEA. S-1