RTTNews | Sep 15, 2020 10:00AM EDT

09:59 Tuesday, September 15, 2020 (RTTNews.com) - Shares of Ardelyx, Inc. (ARDX) slipped nearly 6% on Tuesday morning despite no negative stock-related news.

ARDX is currently trading at $5.88, down $0.36 or 5.84%, on the Nasdaq.

The company announced that FDA accepted its New Drug Application of tenapanor for the control of serum phosphorus in adult chronic kidney disease patients. The FDA has set a Prescription Drug User Fee Act goal date of April 29, 2021.

CEO Mike Raab said, "With potential approval in the second quarter of 2021, we continue to advance commercial preparations for the launch of tenapanor, a first-in-class, non-binder therapy that targets the primary pathway of phosphorus absorption."

Tenapanor reduces serum phosphate by inhibiting a protein called sodium/hydrogen exchanger 3 that plays a key role in phosphate absorption in the gut via a pathway called passive paracellular flux which occurs between cells.

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