RTTNews | Jul 20, 2021 08:13AM EDT

08:12 Tuesday, July 20, 2021 (RTTNews.com) - Shares of biopharmaceutical company Ardelyx, Inc. (ARDX) are down more than 70% in pre-market on Tuesday.

On Monday, the company announced the receipt of a regulatory update on the new drug application submitted for Tenapanor for the control of serum phosphorus in adult patients with chronic kidney disease on dialysis, stating that the FDA has "identified deficiencies that preclude discussion of labeling and post-marketing requirements/commitments at this time."

Specific details regarding the deficiencies were not provided by the FDA, however, it noted that the size of the treatment effect and its clinical relevance is the major issue, Ardelyx said.

ARDX closed Monday's trade at $7.7, up 2.67%. The stock is currently at $2.05.

Read the original article on RTTNews ( https://www.rttnews.com/3210272/ardelyx-plunges-70-in-pre-market-on-fda-s-update-on-tenapanor.aspx)

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