A Fremont drug maker's stock tumbled 76% after the FDA dissed its kidney drug

Ardelyx Inc.'s attempt to win a second drug approval was beat back by federal regulators, sending its stock down as much as 76% Tuesday. The Fremont company (NASDAQ: ARDX) had hoped to win Food and Drug Administration approval for tenapanor as a treatment for hyperphosphatemia, a life-threatening surge of phosphates in the blood of adult chronic kidney disease patients on dialysis. But Ardelyx revealed Monday that it received a let ter from the FDA on July 13 identifying "deficiencies" in its approval…
Source: bizjournals.com Health Care:Biotechnology headlines - Category: Biotechnology Authors: Source Type: news