CAMBRIDGE, Mass., Feb 16, 2010 (BUSINESS WIRE) -- Ironwood
Pharmaceuticals, Inc. (NASDAQ: IRWD) today announced that the
underwriters of its February 2, 2010 initial public offering (IPO) have
exercised their over-allotment option in full on an additional 2.5
million shares of Ironwood's Class A common stock. With the completion
of the IPO and the exercise of the over-allotment option, Ironwood has
approximately 97.4 million shares of common stock outstanding
(approximately 19.2 million shares of Class A common stock and 78.2
million shares of Class B common stock). On a fully diluted basis,
Ironwood has approximately 119.8 million shares of common stock
outstanding, including 22.4 million shares available for issuance under
outstanding options or for future grants under Ironwood's existing
equity plans.
Including proceeds from the exercise of the over-allotment option, net
proceeds to Ironwood from the initial public offering are $203 million,
after deducting underwriting discounts and commissions and estimated
offering expenses payable by Ironwood. Following the initial public
offering, Ironwood has $320 million cash on hand. Ironwood intends to
utilize these cash resources to develop and commercialize linaclotide in
the U.S. with its partner Forest Laboratories, to invest in additional
research and development efforts, and for general corporate purposes.
The joint book-running managers of the initial public offering were J.P.
Morgan Securities Inc., Morgan Stanley & Co. Incorporated, and Credit
Suisse Securities (USA) LLC. The co-managers were BofA Merrill Lynch and
Wedbush PacGrow Life Sciences.
A registration statement relating to Ironwood's Class A common stock was
declared effective by the Securities and Exchange Commission (SEC) on
February 2, 2010. This press release shall not constitute an offer to
sell or a solicitation of an offer to buy any securities, nor shall
there be any such offer or solicitation or any sale of securities in any
jurisdiction in which such an offer, solicitation, or sale would be
unlawful prior to registration or qualification under the securities
laws of any such jurisdiction.
Copies of the final prospectus for the offering may be obtained from
J.P. Morgan Securities Inc., Attention: Broadridge Financial Solutions
at 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (866)
803-9204; from Morgan Stanley & Co. Incorporated at 180 Varick Street,
New York, NY 10014, Attention: Prospectus Department, by calling (866)
718-1649, or by emailing [email protected];
or from Credit Suisse Securities (USA) LLC, Prospectus Department, One
Madison Avenue, New York, NY 10010, by calling (800) 221-1037.
About Ironwood Pharmaceuticals
Ironwood Pharmaceuticals (NASDAQ: IRWD) is an entrepreneurial
pharmaceutical company dedicated to the art and science of great
drugmaking. Linaclotide, Ironwood's first in class compound, is being
evaluated in a confirmatory Phase 3 program for the treatment of
irritable bowel syndrome with constipation (IBS-C) and chronic
constipation. 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. These forward
looking statements address various matters, including Ironwood's
anticipated use of the proceeds from its initial public offering. 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, that a reallocation of funds may be necessary based on (i)
the progress and results of clinical studies and other development
activities, (ii) the continuation of existing collaborations and the
establishment of new arrangements, (iii) manufacturing requirements, and
(iv) regulatory or competitive developments, in addition to the risks
identified under the heading "Risk Factors" in Ironwood's final
prospectus dated February 2, 2010 and filed with the SEC on February 4,
2010. For further discussion of risks and uncertainties, individuals
should refer to Ironwood's SEC filings. Ironwood undertakes no
obligation and does not intend to update these forward-looking
statements to reflect events or circumstances occurring after this press
release. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. All forward-looking statements are qualified in their
entirety by this cautionary statement.
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]
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