Shares of Ardelyx (ARDX) - Get Ardelyx, Inc. Report rose 9.2% in premarket trading on Wednesday to $12.50 after the Fremont, Calif.-based company reported positive data from a Phase 3 study on the efficacy and safety of tenapanor as a treatment for hyperphosphatemia in patients with end-stage renal disease who are on dialysis.
"These positive data from our first Phase 3 study are an important milestone for Ardelyx," said chief operating officer Reg Seeto in a statement on Wednesday. "They are essential to our ability to achieve our goal of establishing leading, revenue-generating cardiorenal and GI business units over the next five years, and bringing important new medicines to underserved patients."
Ardelyx plans to conduct a second Phase 3 study of tenapanor in mid-2017.
Meanwhile, shares of Acorda TherapeuticsACOR were up 9% $26. The Ardsley, N.Y.-based company on Tuesday reported fourth-quarter and full-year 2016 results and provided guidance for 2017.