Executives and directors of biopharmaceutical company Ardelyx have been hit with a shareholder derivative suit in Massachusetts federal court alleging the company misled investors over its intentions and ability to apply for a Medicare reimbursement program for its kidney disease treatment. According to the complaint filed on Friday, Ardelyx obtained approval to distribute Xphozah, an oral therapy used to treat adults with chronic kidney disease on dialysis, in October 2023.
It is alleged that Ardelyx misled investors about its plan to apply for a program under which the Medicare and Medicaid programs would pay for Xphozah, telling investors that the successful distribution of the drug would depend in part on its inclusion in the program.
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