Relypsa, Inc. Announces Proposed Public Offering of Common Stock

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| Source: Relypsa, Inc.

REDWOOD CITY, Calif., April 8, 2014 (GLOBE NEWSWIRE) -- Relypsa, Inc. (Nasdaq:RLYP), a biopharmaceutical company, today announced it has commenced an underwritten public offering of shares of its common stock to raise aggregate proceeds of $80 million. All of the shares of the common stock to be sold in the offering will be offered by Relypsa. In addition, Relypsa intends to grant the underwriters a 30-day option to purchase up to an additional 15 percent of the number of shares sold. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Relypsa intends to use the net proceeds of the offering to fund the ongoing development and preparation for potential commercialization of patiromer, including the preparation and submission of its New Drug Application for patiromer, to support its activities during the U.S. Food and Drug Administration's review and approval process and pre-commercialization marketing activities for patiromer, and any remaining proceeds for working capital and general corporate purposes, including research and development.

Morgan Stanley & Co. LLC, BofA Merrill Lynch and Cowen and Company are acting as joint book-running managers for the offering. Stifel and Wedbush PacGrow Life Sciences are acting as co-managers.

The offering will be made solely by means of a prospectus, copies of which may be obtained from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, or by calling 866-718-1649, or by emailing prospectus@morganstanley.com; or BofA Merrill Lynch, 222 Broadway, New York, NY, 10038 Attention Prospectus Department, by email at dg.Prospectus_Requests@baml.com; or Cowen and Company, LLC (c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY, 11717, Attn: Prospectus Department, Phone: 631-274-2806, Fax: 631- 254-7140).

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Relypsa, Inc.

Relypsa, Inc. is a biopharmaceutical company focused on the development and commercialization of non-absorbed polymeric drugs to treat disorders in the areas of renal, cardiovascular and metabolic diseases. The company's two-part pivotal Phase 3 trial of its lead product candidate, patiromer, for the treatment of hyperkalemia, a life-threatening condition defined as abnormally elevated levels of potassium in the blood, has been completed and the primary and secondary endpoints were met. Relypsa has global royalty-free commercialization rights to patiromer, which has intellectual property protection in the U.S. until at least 2030. More information is available at www.relypsa.com.

Forward Looking Statements

To the extent that statements contained in this press release are not descriptions of historical facts regarding Relypsa, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding completion, timing, size and use of proceeds of the proposed public offering that involve risks and uncertainties, including, without limitation, risks and uncertainties related to market conditions and the satisfaction of closing conditions related to the proposed public offering. Such forward-looking statements involve substantial risks and uncertainties that relate to future events and the actual results could differ significantly from those expressed or implied by the forward-looking statements. Relypsa undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties relating to the business of the Company in general, see Relypsa's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 19, 2014 and the preliminary prospectus for this offering included as part of the Registration Statement on Form S-1/A related to the proposed offering filed with the Securities and Exchange Commission on April 7, 2014, and its future periodic reports to be filed with the Securities and Exchange Commission.

CONTACT: Sylvia Wheeler
         V.P. Investor Relations and Corporate Affairs
         650-421-9504
         IR@relypsa.com