Small molecule biotech Ardelyx files for a $69 million IPO

Ardelyx, a biotech developing small molecule treatments for kidney and gastrointestinal diseases, filed on Monday with the SEC to raise up to $69 million in an initial public offering. The Fremont, CA-based company, which was founded in 2007 and booked $31 million in collaboration payments 12 months ended March 31, 2014, plans to list on the NASDAQ under the symbol ARDX. Ardelyx initially filed confidentially on April 11, 2014. Citi and Leerink Partners are the joint bookrunners on the deal. No pricing terms were disclosed.