Mike Raab, Ardelyx

Arde­lyx chops a third of its staff af­ter stock-crush­ing fail­ure in chron­ic kid­ney dis­ease

A cou­ple of weeks af­ter the FDA turned down Arde­lyx’s chron­ic kid­ney dis­ease can­di­date, shock­ing an­a­lysts and CEO Mike Raab, the com­pa­ny is ax­ing 33% of its em­ploy­ees to deal with the loss.

Arde­lyx shared in an SEC fil­ing it’s cut­ting 83 em­ploy­ees in a re­struc­tur­ing plan that will be im­ple­ment­ed this month. The plan is ex­pect­ed to save the com­pa­ny about $17 mil­lion in cash com­pen­sa­tion an­nu­al­ly, ac­cord­ing to the fil­ing.

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