CAMBRIDGE, Mass., May 11, 2010 (BUSINESS WIRE) -- Ironwood
Pharmaceuticals, Inc. (NASDAQ: IRWD) today provided an update on its
business activities for the first quarter of 2010.
First Quarter 2010 Highlights
Linaclotide
-
In March, the final patients were enrolled into each of the two
confirmatory Phase 3 clinical trials being carried out by Ironwood and
its U.S. partner, Forest Laboratories, Inc., to assess the efficacy
and safety of linaclotide in patients with irritable bowel syndrome
with constipation (IBS-C). Ironwood and Forest anticipate that the
top-line data from the two trials will be reported separately in the
fourth quarter of 2010. Ironwood and Forest are targeting a New Drug
Application submission for both IBS-C and chronic constipation (CC) in
the middle of 2011.
-
At the end of March, the U.S. Food and Drug Administration (FDA)
issued draft guidance on the design of clinical trials for IBS-C. The
draft guidance calls for co-primary efficacy endpoints assessing
abdominal pain (greater-than or equal to 30 percent average weekly reduction versus baseline)
and stool frequency (increase of one or more complete spontaneous
bowel movements per week versus baseline). The co-primary endpoints in
the above-mentioned Phase 3 IBS-C clinical trials are closely aligned
with the draft guidance.
-
The European Medicines Agency (EMA) has indicated that Ironwood's
European partner, Almirall, S.A., can utilize the U.S. IBS-C Phase 3
clinical trials as a basis for a Market Authorisation Application. For
that reason, no additional E.U. Phase 3 clinical trials are
contemplated. The primary endpoint will be different in Europe, but
both the EMA and the FDA have agreed to allow separate and independent
statistical analysis plans of the primary data sets for the two
territories. For the E.U., the co-primary efficacy endpoints will
evaluate abdominal pain/abdominal discomfort and IBS degree of relief.
Corporate
-
In early February, Ironwood executed the initial public offering (IPO)
of its Class A common stock, which raised net proceeds of
approximately $203 million with less than 17 percent dilution to its
pre-IPO stockholders on a fully-diluted basis. In addition, the IPO
provided Ironwood with the opportunity to discuss, with many of the
biotechnology industry's most highly-regarded investors, linaclotide's
potential to improve the lives of millions of Americans who are
suffering from IBS-C or CC. Including proceeds from the IPO, Ironwood
closed the first quarter with approximately $299 million of cash, cash
equivalents, and available-for-sale securities.
-
Based on its current operating plan, Ironwood anticipates ending
fiscal year 2010 with greater than $220 million of cash, cash
equivalents, and available-for-sale securities.
Conference Call Information
Ironwood will host a conference call and webcast at 4:30 p.m. Eastern
Time on Wednesday, May 12, 2010 to discuss its business activities.
Individuals interested in participating in the call should dial (888)
686-9681 (U.S. and Canada) or (913) 312-1451 (international) using
conference ID number 1030465. To access the webcast, please visit the
Investors section of Ironwood's website at www.ironwoodpharma.com
at least 15 minutes prior to the start of the call to ensure adequate
time for any software downloads that may be required. The call will be
available for replay via telephone starting May 12, 2010 at 7:30 p.m.
Eastern Time, running through 11:59 p.m. Eastern Time on May 26, 2010.
To listen to the replay, dial (888) 203-1112 (U.S. and Canada) or (719)
457-0820 (international) using conference ID number 1030465. An archived
version of the event will be available on Ironwood's website for 14 days
beginning approximately one hour after the call.
About Linaclotide
Linaclotide, an investigational drug, is an agonist of guanylate cyclase
type-C (GC-C), a receptor found on epithelial cells lining the
intestine. In preclinical models, this activation of GC-C leads to
increases in cyclic guanosine monophosphate (cGMP), anion secretion,
fluid secretion, and intestinal transit. In addition, both linaclotide
and cGMP demonstrated anti-nociceptive effects in several preclinical
models of visceral pain. Linaclotide is an orally delivered peptide that
acts locally in the gut with no detectable systemic exposure at
therapeutic doses and is intended for once-daily administration.
Linaclotide is in Phase 3 clinical development for the treatment of
IBS-C and CC. In a Phase 2b study in patients with IBS-C, linaclotide
statistically significantly reduced abdominal pain, abdominal
discomfort, bloating, and severity of straining, and increased complete
spontaneous bowel movement frequency, throughout the 12-week treatment
period versus placebo. In two Phase 3 trials in patients with CC,
statistical significance versus placebo was achieved for the primary
endpoint--increasing complete spontaneous bowel movements--and all
secondary endpoints, which included measures of straining severity,
stool hardness, bloating, and abdominal discomfort. In Phase 2 IBS-C and
Phase 3 CC trials, diarrhea was the most common adverse event, and
occurred more commonly in linaclotide-treated patients than
placebo-treated. Although most events of diarrhea were reported as mild
to moderate, diarrhea was the most common cause for discontinuation.
Data from the Phase 3 IBS-C trials are expected in the fourth quarter of
2010. An issued composition of matter patent for linaclotide provides
protection to 2025. In September 2007, Ironwood and Forest entered into
a 50/50 collaboration to co-develop and co-promote linaclotide in the
United States. Ironwood has out-licensed linaclotide to Almirall for
European development and commercialization, and to Astellas Pharma Inc.
for development and commercialization in Japan, Indonesia, Korea, the
Philippines, Taiwan, and Thailand.
About Irritable Bowel Syndrome with Constipation (IBS-C)
IBS-C is a chronic gastrointestinal disorder characterized by abdominal
pain, discomfort, and bloating associated with altered bowel habits, and
as many as 11 million people in the U.S. suffer from it. There are
currently few available therapies to treat this disorder and there is a
high rate of dissatisfaction with available therapies. Patients
suffering from IBS-C can be affected physically, psychologically,
socially, and economically.
About Chronic Constipation (CC)
As many as 34 million Americans suffer from symptoms associated with CC
and 8.5 million patients have sought treatment. Patients with CC often
experience hard and lumpy stools, straining during defecation, a
sensation of incomplete evacuation, and fewer than three bowel movements
per week, as well as discomfort and bloating. This condition
significantly affects patients' quality of life by impairing their
ability to work and participate in typical daily activities. Half of
patients are not satisfied with currently available treatments.
About Ironwood Pharmaceuticals
Ironwood Pharmaceuticals (NASDAQ: IRWD) is an entrepreneurial
pharmaceutical company dedicated to the art and science of great
drugmaking. Linaclotide, Ironwood's GC-C agonist, is being evaluated in
a confirmatory Phase 3 program for the treatment of IBS-C and CC.
Ironwood also has a growing pipeline of additional drug candidates in
earlier stages of development. Ironwood is located in Cambridge, Mass.
This press release includes forward-looking statements. You are
hereby cautioned not to place undue reliance on these forward-looking
statements, including, but not limited to, statements about the
anticipated timing of the release of our Phase 3 IBS-C clinical trial
results, the anticipated timing of our regulatory filing in the U.S.,
Almirall's plan with respect to its regulatory filing in the E.U., and
our end-of-year cash, cash equivalents and available-for-sale securities
balance. Each forward-looking statement is subject to risks and
uncertainties that could cause actual results to differ materially from
those expressed or implied in such statement. Applicable risks and
uncertainties include, among others, the risks that our clinical studies
and other development activities do not progress as predicted, that
developments arise that prevent the regulatory filing in the U.S. from
being made within the targeted timeline, that developments arise that
prevent the regulatory filing in the E.U. from proceeding as planned,
and that our actual spend rate does not conform to our current operating
plan, as well as the risks that are identified under the heading "Risk
Factors" in our Annual Report on Form 10-K for the year ended December
31, 2009. For further discussion of risks and uncertainties, individuals
should refer to our past and future SEC filings. We undertake no
obligation and do not intend to update these forward-looking statements
to reflect events or circumstances occurring after this press release.
These forward-looking statements speak only as of the date of this press
release. All forward-looking statements are qualified in their entirety
by this cautionary statement.
Condensed Consolidated Balance Sheet
|
|
|
|
|
(in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
March 31, 2010
|
Assets
|
|
|
|
Cash, cash equivalents, and available-for-sale securities
|
|
|
$
|
298,568
|
Accounts receivable, net
|
|
|
|
4,723
|
Prepaid expenses and other assets
|
|
|
|
3,107
|
Total current assets
|
|
|
|
306,398
|
Property and equipment, net
|
|
|
|
23,540
|
Other assets
|
|
|
|
8,192
|
Total assets
|
|
|
$
|
338,130
|
|
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
Accounts payable and accrued expenses
|
|
|
$
|
17,868
|
Current portion of long-term debt and capital lease obligations
|
|
|
|
1,313
|
Current portion of deferred rent
|
|
|
|
196
|
Current portion of deferred revenue
|
|
|
|
35,607
|
Total current liabilities
|
|
|
|
54,984
|
Long-term debt and capital lease obligations
|
|
|
|
1,603
|
Deferred rent
|
|
|
|
10,703
|
Deferred revenue
|
|
|
|
82,038
|
Total stockholders' equity
|
|
|
|
188,802
|
Total liabilities and stockholders' equity
|
|
|
$
|
338,130
|
|
|
|
|
|
Condensed Consolidated Statement of Operations
|
|
|
|
|
(in thousands, except share and per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2010
|
Revenue
|
|
|
$
|
9,052
|
|
Operating expenses:
|
|
|
|
Research and development
|
|
|
|
18,637
|
|
General and administrative
|
|
|
|
6,643
|
|
Total operating expenses
|
|
|
|
25,280
|
|
Loss from operations
|
|
|
|
(16,228
|
)
|
Other expense, net
|
|
|
|
(25
|
)
|
Net loss
|
|
|
|
(16,253
|
)
|
Net loss attributable to noncontrolling interest
|
|
|
|
329
|
|
Net loss attributable to Ironwood Pharmaceuticals, Inc.
|
|
|
$
|
(15,924
|
)
|
Net loss per share attributable to Ironwood Pharmaceuticals,
Inc.--basic and diluted
|
|
|
$
|
(0.25
|
)
|
Weighted average number of common shares used in net loss per share attributable
to Ironwood Pharmaceuticals, Inc.--basic and diluted
|
|
|
|
63,957,966
|
|
SOURCE: Ironwood Pharmaceuticals, Inc.
Corporate Inquiries:
Ironwood Pharmaceuticals
Susan Brady, 617-621-8304
[email protected]
or
Investor Inquiries:
Stern Investor Relations
Stephanie Ascher, 212-362-1200
[email protected]
Copyright Business Wire 2010