Ardelyx stock has been at a very stable pace for the last 5 days until today on July 20. The stock was trading at around $7.55. Today on the open market the stock has just crashed down by 74%. In response to a letter from the US Food and Drug Administration (FDA), Valeant Pharmaceuticals is dropping after announcing that it would withdraw its application for tenapanor for the treatment of chronic kidney disease.
The FDA stated that it had deficiencies in the company’s New Drug Applications for tenapanor. The agency also noted that the drug’s effect on patients is not yet clear enough to justify its approval. The FDA is going to criticize and provide the final decision on tenapanor on July 29. The rumor has it, that the FDA is not goint to approve the drug no matter what, at least during this reviewing period. Ardelyx noted that the FDA even declined to meet to debate about the drug.
Ardelyx’s (ADX) stock price is currently in a downward spiral after the FDA questioned the efficacy of its drug candidate tenapanor. Although the agency’s decision was unusual, it shouldn’t have surprised investors as the company had already provided enough details regarding the drug’s development.
Agneta is still enjoying her trips to Asia and Africa while she works at Own Snap as an author and reporter. Very soon she will settle somewhere in Europe and run her startup enterprise.