UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549	OMB APPROVAL	 	
 	OMB Number	3235-0101	 	 	 	 	 	 	
 	Expires:	May 31, 2017	 	 	 	 	 	 	 	 	 	 	 	
 	Estimated average burden hours	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	per response	1.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
FORM 144	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	SEC USE ONLY	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NOTICE OF PROPOSED SALE OF SECURITIES
PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933	DOCUMENT SEQUENCE NO.

ATTENTION:  Transmit for filing 3 copies of this form concurrently with either placing an order with a broker to execute sale or executing a sale directly with a market maker.	CUSIP NUMBER

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	WORK LOCATION	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	1(a) NAME OF ISSUER	 	 	(b) IRS IDENT. NO.	 	 	(c) S.E.C. FILE NO.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Ardelyx, Inc.	 	 	26-1303944	 	 	001-36485	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	1(d) ADDRESS OF ISSUER	 	 	STREET	 	 	CITY	 	 	STATE	 	 	ZIP CODE	 	 	(e) TELEPHONE NO.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	AREA CODE	NUMBER	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	34175 Ardenwood Boulevard	 	 	Fremont	 	 	CA	 	 	 	94555	 	 	 	510	 	 	745-1700	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	2(a) NAME OF PERSON FOR WHOSE ACCOUNT THE SECURITIES ARE TO BE SOLD	 	 	 	 	 	(b) RELATIONSHIP
TO ISSUER	 	 	(c) ADDRESS (Street)	 	 	CITY	 	 	STATE	 	 	ZIP CODE	 	
 	Blackboard Ventures Inc.	 	 	 	 	 	Dist. from affiliate	 	 	5650 Yonge Street	 	 	Toronto	 	 	ON	 	 	 	M2M 4H5	 	 	

INSTRUCTION: The person filing this notice should contact the issuer to obtain the I.R.S. Identification Number and the S.E.C. File Number.

 	 	 	 	 	 	 	SEC USE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	3(a)	 	 	(b)	 	 	ONLY	 	 	(c)	 	 	(d)	 	 	(e)	 	 	(f)	 	 	(g)	 	
 	Title of the
Class of
Securities
To Be Sold	 	 	Name and Address of Each Broker
Through Whom the Securities are
to be Offered or Each Market Maker
who is Acquiring the Securities	 	 	Broker-Dealer
File Number	 	 	Number of
Shares or Other
Units To Be Sold
(See instr. 3(c))	 	 	Aggregate
Market Value
(See instr. 3(d))	 	 	Number of Shares
or Other Units
Outstanding
(See instr. 3(e))	 	 	Approximate
Date of Sale
(See instr. 3(f))
(MO. DAY YR.)	 	 	Name of Each
Securities
Exchange
(See instr. 3(g))	 	
 	Common Stock	 	 	Merrill Lynch, 181 Bay Street, Suite 400, Toronto, ON M5J 2V8	 	 	 	 	 	 	7,920	 	 	 	 	$182,635.20	 	 	 	 	18,540,094	 	 	 	ASAP	 	 	NASDAQ	 	

INSTRUCTIONS:	
 	 	 	 	 	
1.	 	(a)	 	Name of issuer	
 	 	(b)	 	Issuer’s I.R.S. Identification Number	
 	 	(c)	 	Issuer’s S.E.C. file number, if any	
 	 	(d)	 	Issuer’s address, including zip code	
 	 	(e)	 	Issuer’s telephone number, including area code	
 	 	 	 	 	
2.	 	(a)	 	Name of person for whose account the securities are to be sold	
 	 	(b)	 	Such person’s relationship to the issuer (e.g., officer, director, 10 percent stockholder, or member of immediate family of any of the foregoing)	
 	 	(c)	 	Such person’s address, including zip code	
 	 	 	 	 	
3.	 	(a)	 	Title of the class of securities to be sold	
 	 	(b)	 	Name and address of each broker through whom the securities are intended to be sold	
 	 	(c)	 	Number of shares or other units to be sold (if debt securities, give the aggregate face amount)	
 	 	(d)	 	Aggregate market value of the securities to be sold as of a specified date within 10 days prior to the filing of this notice	
 	 	(e)	 	Number of shares or other units of the class outstanding, or if debt securities the face amount thereof outstanding, as shown by the most recent report or statement published by the issuer	
 	 	(f)	 	Approximate date on which the securities are to be sold	
 	 	(g)	 	Name of each securities exchange, if any, on which the securities are intended to be sold	
 	 	 	 	 	
Potential persons who are to respond to the collection of information contained in this form are not required
to respond unless the form displays a currently valid OMB control number.

 	

 	
 
TABLE I - SECURITIES TO BE SOLD
Furnish the following information with respect to the acquisition of the securities to be sold
and with respect to the payment of all or any part of the purchase price or other consideration therefor:
Title of
the Class	 	 	Date you
Acquired	 	 	Name of Acquisition Transaction	 	 	Name of Person From
Whom Acquired
(If gift, also give date donor acquired)	 	 	Amount of
Securities Acquired	 	 	Date of Payment	 	 	Nature of Payment	
Common Stock	 	 	12/12/14	 	 	Distribution from Limited Partnership	 	 	New Enterprise Associates 12, Limited Partnership	 	 	7,920.00	 	 	Various dates in 2010 and 2011 (paid by partnership)	 	 	Cash	

 	 	 	
INSTRUCTIONS:	 	If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.	

TABLE II - SECURITIES SOLD DURING THE PAST 3 MONTHS
Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.
Name and Address of the Seller	 	 	Title of Securities Sold	 	 	Date of Sale	 	 	Amount of
Securities Sold	 	 	Gross Proceeds	

Remarks:

 
INSTRUCTIONS:
See the definition of “person” in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.
ATTENTION:
The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.
 
December 16, 2014
 
Date of Notice

Date of Plan Adoption or Giving of Instruction,
if Relying on Rule 10b5-1.
 
/s/ Rossana Di Lieto, Chief Compliance Officer
 
(Signature)
The notice shall be signed by the person for whose account the securities are to be sold. At least one copy of the notice shall be manually signed.
Any copies not manually signed shall bear typed or printed signatures.
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)