William D Chey, 1 Anthony J Lembo, 2 James A Phillips, 3 David P Rosenbaum 4

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Efficacy and safety of tenapanor in patients with constipationpredominant irritable bowel syndrome: a 12-week, double-blind, placebocontrolled, randomized phase 2b trial William D Chey, 1 Anthony J Lembo, 2 James A Phillips, 3 David P Rosenbaum 4 1 Division of Gastroenterology, Department of Medicine, University of Michigan Health System, Ann Arbor, MI, USA; 2 Division of Gastroenterology, Department of Medicine, Beth Israel Deaconess Medical Center, Harvard Medical School, Boston, MA, USA; 3 Sage Statistical Solutions, Inc., Efland, NC, USA; 4 Ardelyx, Inc., Fremont, CA, USA

Disclosures William D Chey Consultancy: Ardelyx, Asubio Pharmaceuticals, AstraZeneca, Forest Laboratories (Actavis), Ironwood Pharmaceuticals, Nestlé Health Science, Prometheus Laboratories, QOL Medical, Salix Pharmaceuticals, SK Biopharmaceuticals, Sucampo and Takeda Research funding: Ironwood Pharmaceuticals, Nestlé Health Science, Perrigo Company, Prometheus Laboratories, Synthetic Biologics and Vibrant Pharma Anthony J Lembo Consultancy: Salix Pharmaceuticals, Ironwood Pharmaceuticals, Forest Laboratories (Actavis) and Prometheus Laboratories James A Phillips Consultancy: Ardelyx David P Rosenbaum Employment and ownership interests: Ardelyx This study was funded by AstraZeneca and Ardelyx 2

(AZD1722) acts locally in the gut to reduce sodium absorption Sodium/hydrogen exchanger isoform 3 (NHE3) plays an important role in intestinal sodium/fluid homeostasis is a small-molecule inhibitor of NHE3 Preclinical and phase 1 studies show that tenapanor reduces sodium absorption and has minimal systemic availability In a preclinical model, tenapanor showed antinociceptive effects on stress-induced mechanical colorectal hypersensitivity Excretion (mmol/day) 4 3 2 1 Stool sodium * 3 mg q.d. * * 3 mg b.i.d. 3 mg t.i.d *p <.5 versus placebo; p <.5 versus tenapanor 3 mg q.d. b.i.d., twice daily; q.d., once daily; t.i.d., three times daily Eutamene H et al. Gastroenterology 211;14:S-57 8; Schultheis PJ et al. Nat Genet 1998;19:282 5; Spencer AG et al. Sci Transl Med 214;6:27ra36; Tse CM et al. J Biol Chem 1992;267:934 6 3

is a potential treatment for constipationpredominant irritable bowel syndrome (IBS-C) IBS is a common, symptom-based condition defined by the presence of abdominal pain and altered bowel habits In IBS-C, stools are hard/lumpy in 25% of bowel movements and loose/watery in < 25% of bowel movements Phase 2a data suggest that tenapanor improves IBS-C symptoms Patients with a 3% decrease in abdominal pain and an increase of 1 in complete spontaneous bowel movements (CSBM) per week Proportion of patients (%) 4 3 2 1 1 2 3 4 5 6 Week Treatment Follow-up q.d. (n = 47) 1 mg q.d. (n = 46) 3 mg q.d. (n = 47) 1 mg q.d. (n = 46) IBS-C, constipation-predominant irritable bowel syndrome; CSBM, complete spontaneous bowel movement; q.d., once daily ClinicalTrials.gov, https://clinicaltrials.gov/ct2/show/nct13453 (accessed 2 April 215); Longstreth GF et al. Gastroenterology 26;13:148 91 4

12-week dose-ranging study evaluating tenapanor 5 mg, 2 mg or 5 mg b.i.d. vs placebo (1/2) Study aim To evaluate the efficacy and safety of tenapanor for the treatment of IBS-C Key inclusion criteria Age 18 75 years IBS-C as defined by Rome III criteria Active disease during the screening period < 3 CSBMs/week < 5 SBMs/week abdominal pain 3 ( 1 rating scale) Key exclusion criteria IBS with diarrhea (IBS-D), mixed IBS (IBS-M) or unsubtyped IBS as defined by Rome III criteria Diagnosis or treatment of any clinically symptomatic biochemical or structural abnormality of the gastrointestinal tract in the 6 months before screening Use of medication known to affect stool consistency SBM, spontaneous bowel movement ClinicalTrials.gov, https://clinicaltrials.gov/ct2/show/nct1923428 (accessed 29 April 215) 5

12-week dose-ranging study evaluating tenapanor 5 mg, 2 mg or 5 mg b.i.d. vs placebo (2/2) Randomization (N = 356) Primary endpoint Primary endpoint CSBM responder rate Proportion of patients with an increase of 1 CSBM per week from baseline for 6/12 treatment weeks Screening 5 mg b.i.d. 2 mg b.i.d. 5 mg b.i.d. Follow-up 2 weeks 12 weeks 4 weeks Key secondary endpoints Overall responder rate a Abdominal pain responder rate b Exploratory endpoints Abdominal bloating, straining, IBS severity, constipation severity Safety assessments Adverse event reporting throughout the trial Clinical laboratory tests (serum chemistry, hematology and urinalysis) Vital signs 12-lead ECG Physical examinations a Proportion of patients with a 3% decrease in abdominal pain and an increase of 1 CSBM per week versus baseline for 6/12 treatment weeks b Proportion of patients with a 3% decrease in abdominal pain from baseline for 6/12 treatment weeks 6

Patient demographics and baseline disease characteristics 356 patients with IBS-C were randomized The majority of patients were women (87%), < 65 years old (93%; mean age 45.7 years) and white (76%) Baseline disease parameter 5 mg b.i.d. 2 mg b.i.d. 5 mg b.i.d. (n = 84) CSBMs per week.2 (.4).2 (.4).2 (.4).2 (.4) SBMs per week 2. (1.2) 1.9 (1.3) 1.9 (1.1) 2. (1.3) Stool consistency a 1.8 (1.) 1.8 (1.) 1.6 (.8) 1.8 (.9) Straining b 3.1 (1.2) 3.1 (1.1) 3.1 (1.3) 3.2 (1.3) Constipation severity c 4.1 (.7) 4.2 (.6) 4. (.7) 4. (.8) IBS severity c 3.8 (.7) 3.9 (.7) 3.9 (.8) 3.8 (.7) Abdominal pain d 6.1 (1.5) 6.1 (1.6) 6.3 (1.5) 6. (1.5) ITT, intention-to-treat; SD, standard deviation. Data are mean (SD) for the ITT population. Baseline was defined as the mean of weeks -1 and -2 a Assessed using the 7-point Bristol Stool Form Scale; weekly mean calculated from scores for all SBMs during the week b Assessed for each SBM using a 5-point scale: 1 = not at all, 2 = a little bit, 3 = a moderate amount, 4 = a great deal, 5 = an extreme amount; mean weekly score calculated from scores for all SBMs during the week c Assessed weekly using a 5-point scale: 1 = none, 2 = mild, 3 = moderate, 4 = severe, 5 = very severe d Assessed daily using a 1-point scale: = none to 1 = very severe; mean weekly score was calculated from scores for all days during a valid week 7

5 mg b.i.d. resulted in a significantly higher CSBM responder rate than placebo Primary endpoint (CSBM responder rate): proportion of patients with an increase of 1 CSBM per week from baseline for 6/12 treatment weeks (ITT analysis) 8 27.; p <.1 CSBM responder rate (%) 6 4 2 1.; p =.186 6.5; p =.345 4.2 33.7 43.7 6.7 5 mg 2 mg 5 mg (n = 84) CSBM, complete spontaneous bowel movement b.i.d. 8

CSBM improvements were maintained over the 12 weeks in a dose-dependent manner Mean average weekly CSBMs 7 6 5 4 3 2 1 5 mg b.i.d. 2 mg b.i.d. 5 mg b.i.d. * * * * * * * * * 2 1 1 2 3 4 5 6 7 8 9 1 11 12 1 2 3 4 Week Screening Treatment Follow-up CSBM, complete spontaneous bowel movement *p <.5, tenapanor 5 mg b.i.d. versus placebo p <.5, tenapanor 2 mg b.i.d. and 5 mg b.i.d. versus placebo 9

5 mg b.i.d. resulted in a significantly higher overall responder rate than placebo Overall responder rate: proportion of patients with a 3% decrease in abdominal pain and an increase of 1 CSBM per week versus baseline for 6/12 treatment weeks 8 26.4; p <.1 Overall responder rate (%) 6 4 2 1.7; p =.815 9.7; p =.159 23.6 25.3 33.3 5. 5 mg 2 mg 5 mg (n = 84) CSBM, complete spontaneous bowel movement b.i.d. 1

Improvements in other key secondary endpoints with tenapanor Abdominal pain responder rate a Stool consistency b 8 17.2; p =.26 4 1.2; p <.1 Abdominal pain responder rate (%) 6 4 2 4.6; p =.552 3.5; p =.684 48.3 44.8 52.9 65.5 LS mean change in BSFS from baseline to week 12 3 2 1.9; p <.1.6; p =.27 1.6 1. 1.9 2.2 5 mg 2 mg 5 mg (n = 84) 5 mg 2 mg 5 mg (n = 84) b.i.d. b.i.d. BSFS, Bristol Stool Form Scale; LS, least-squares a Proportion of patients with a 3% decrease in abdominal pain from baseline for 6/12 treatment weeks; treatment comparisons versus placebo represent the risk difference b Error bars represent upper limit of 95% confidence interval 11

Improvements in exploratory endpoints with tenapanor 5 mg b.i.d. LS mean change from baseline to week 12 1 2 3 4 Abdominal bloating a 1.6 2.6 p =.23 1 2 Straining b.7 1.2.5; p =.6 5 mg b.i.d. (n = 84) LS mean change from baseline to week 12 1 2 IBS severity c 1.1 1.4.3; p =.24 1 2 Constipation severity c 1.1 1.7.5; p <.1 a Assessed daily using a 1-point scale: = none to 1 = very severe; average weekly score was calculated from scores for all days during a week b Assessed for each SBM using a 5-point scale: 1 = not at all to 5 = an extreme amount; average weekly straining score calculated from scores for all SBMs during the week c Assessed weekly using a 5-point scale: 1 = none to 5 = very severe 12 12

was generally well tolerated and had minimal systemic availability AE summary, n (%) (n = 9) 5 mg b.i.d. (n = 88) 2 mg b.i.d. 5 mg b.i.d. Any AE 38 (42.2) 43 (48.9) 32 (36.) 45 (5.6) Treatment-related AEs 13 (14.4) 22 (25.) 15 (16.9) 17 (19.1) Serious AEs 1 (1.1) 2 (2.3) 1 (1.1) (.) AEs leading to discontinuation a 3 (3.3) 9 (1.2) 6 (6.7) 4 (4.5) Most AEs were mild to moderate in severity and none of the three serious AEs in patients receiving tenapanor were judged to be treatment-related No clinically meaningful changes from baseline were reported for clinical laboratory parameters, vital signs, electrocardiographic parameters or physical examination findings had minimal to no systemic availability concentrations were below the lower limit of quantification (.5 ng/ml) in > 97% (283/291) samples (highest concentration measured: 1.3 ng/ml) AE, adverse event a Most common AEs leading to discontinuation: diarrhea (3 [3.4%] patients each in 5 mg, 2 mg and 5 mg b.i.d. groups), abdominal distension (3 [3.4%] patients in 5 mg b.i.d. group); no other specific AE led to discontinuation in > 2 patients in any treatment group 13

AEs occurring in 3% of patients in any tenapanor group and more frequently than in the placebo group Individual event, n (%) (n = 9) 5 mg b.i.d. (n = 88) 2 mg b.i.d. 5 mg b.i.d. Diarrhea (.) 7 (8.) 11 (12.4) 1 (11.2) Nausea 1 (1.1) 6 (6.8) 4 (4.5) 3 (3.4) Abdominal pain 2 (2.2) 7 (8.) (.) 4 (4.5) Vomiting (.) 4 (4.5) 1 (1.1) 2 (2.2) GERD 1 (1.1) 3 (3.4) (.) 1 (1.1) Abdominal distension (.) 3 (3.4) 1 (1.1) (.) Urinary tract infection 4 (4.4) 3 (3.4) 2 (2.2) 5 (5.6) Influenza (.) 2 (2.3) 1 (1.1) 3 (3.4) Headache 5 (5.6) 6 (6.8) 1 (1.1) 3 (3.4) GERD, gastroesophageal reflux disease 14

Conclusions 5 mg b.i.d. significantly improved CSBM responder rate (primary endpoint) compared with placebo in patients with IBS-C 5 mg b.i.d. also improved key secondary endpoints compared with placebo, including overall responder rate, abdominal pain responder rate and stool frequency In addition, improvements were observed in several exploratory endpoints addressing a range of symptoms in patients with IBS-C was generally well tolerated and had minimal systemic availability shows promise as a future treatment option for patients with IBS-C 15

Acknowledgments The investigators acknowledge and thank the study participants, the study centres and the clinical teams The clinical operations were managed by Susan Edelstein, Lori Marshall and Jocelyn Tabora from Ardelyx Medical writing support was provided by Steven Inglis and Carolyn Brechin of Oxford PharmaGenesis, UK and was funded by Ardelyx 16

Back-up slides

Statistical analysis methods (1/2) CSBM responder rate (primary endpoint), overall responder rate and abdominal pain responder rate (key secondary endpoints) Treatment comparisons versus placebo are presented as risk differences (slides 8, 1, 11) A screening test was performed based on a 2-degree of freedom Cochran Mantel Haenszel test for an association between treatment (placebo, tenapanor 2 mg b.i.d. and tenapanor 5 mg b.i.d.) and responder rate, stratified by pooled investigator sites If this test was significant, a Cochran Mantel Haenszel test was used to calculate p values based on 1 degree of freedom for the association between treatment (placebo paired with each dose group separately) and responder rate, stratified by pooled investigator sites 18

Statistical analysis methods (2/2) Stool consistency (secondary endpoint), abdominal bloating, straining, IBS severity and constipation severity (exploratory endpoints) Treatment comparisons versus placebo are presented as differences in LS mean changes from baseline (slide 11, 12) A screening test was performed based on a 2-degree of freedom F-test from a full ANCOVA model to test for differences in mean changes from baseline among the placebo, tenapanor 2 mg b.i.d. and tenapanor 5 mg b.i.d. groups LS means, 95% confidence intervals and p values were calculated using an ANCOVA model, with treatment and pooled investigator site as factors and baseline value as a covariate 19