Funded to finish

For the first time since it regained rights to lead program tenapanor (RDX5791) from AstraZeneca plc (LSE:AZN; NYSE:AZN), Ardelyx Inc. (NASDAQ:ARDX) has enough cash to see whether its revamped clinical program can yield positive Phase III results.

This month's $110 million private placement puts Ardelyx's cash position at about $257 million. President and CEO Mike Raab said the company expects to end 2017 with at least 12 months of cash...