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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