— Enables Ironwood Early Stage Development Program —
CAMBRIDGE, Mass. and MENLO PARK, Calif.--(BUSINESS WIRE)--
Ironwood Pharmaceuticals, Inc. (NASDAQ: IRWD) and Depomed, Inc. (NASDAQ:
DEPO) today announced that Ironwood has licensed worldwide rights to
utilize Depomed's Acuform™ gastric retentive drug delivery technology
for an Ironwood early stage development program, continuing Ironwood's
efforts to augment its development pipeline beyond linaclotide. Under
the terms of the agreement, Depomed will assist with initial product
formulation and Ironwood will be responsible for all development and
commercialization of the product. Depomed will be paid an upfront
license fee and will receive additional payments pending achievement of
certain development and regulatory milestones, as well as royalties on
product sales.
"We are pleased to contribute our Acuform technology and drug delivery
expertise to Ironwood's development effort, and add an important new
partner to our Acuform franchise strategy," said Thadd Vargas, Depomed's
senior vice president, Business Development. "We are very excited to
collaborate with Ironwood on this new non GC-C related gastrointestinal
disorder program."
"Ironwood is keen to pursue appropriate collaborations that will create
value and leverage each party's area of expertise," said Jim O'Mara,
Ironwood's vice president, Corporate Development. "We believe the
Acuform technology is highly complementary to our internal effort to
create differentiated medicines and provides Ironwood with the
opportunity to continue to build a portfolio of development candidates
through both internal and external R&D."
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 in Phase 3 clinical
development for the treatment of irritable bowel syndrome with
constipation (IBS-C) and chronic constipation. The efficacy portion of
linaclotide's development program has been completed and will support
the NDA submission for both indications, as well as the MAA submission
for the IBS-C indication. Ironwood also has a growing pipeline of
additional drug candidates in earlier stages of development. Ironwood is
located in Cambridge, Mass. To learn more, visit www.ironwoodpharma.com.
About Depomed
Depomed, Inc. is a specialty pharmaceutical company with one approved
product on the market and another recently approved product. GraliseTM
(gabapentin) is a once-daily treatment approved for the management of
postherpetic neuralgia (PHN). Glumetza® (metformin
hydrochloride extended release tablets) is approved for use in adults
with type 2 diabetes and promoted by Santarus, Inc. in the United
States. The company also has a robust pipeline including Serada®,
which is in Phase 3 clinical development for menopausal hot flashes, as
well as earlier stage candidates. Depomed formulates its products and
product candidates with its proven, proprietary Acuform® drug
delivery technology, which is designed to improve existing oral
medications, allowing for controlled release of medications to the upper
gastrointestinal tract when dosed with food. Additional information
about Depomed may be found on its website, http://www.depomed.com.
This press release contains forward looking statements, and investors
are cautioned not to place undue reliance on such statements. Such
statements include, but are not limited to, statements regarding
Depomed's formulation obligations, Ironwood's rights to develop or
commercialize any product utilizing Depomed's Acuform™ gastric retentive
drug delivery technology, and Ironwood's obligations to make milestone
payments and royalties if products are successfully developed or
commercialized. 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 the risks that Ironwood chooses not to develop or
commercialize a product, that the program does not successfully complete
preclinical or clinical development, that either party commits a
material breach of the agreement, or that the agreement is terminated by
either party before Depomed formulates the product. Applicable risks
also include those that are listed in each party's Quarterly Report on
Form 10 Q for the three months ended March 31, 2011, in addition to the
risk factors that are listed from time to time in each party's
subsequent SEC filings. Neither party undertakes an obligation 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.
Depomed, Inc.
Abe Wischnia, 650-681-3556
Investor Relations
awischnia@depomed.com
or
Ironwood
Pharmaceuticals, Inc.
Susan Brady, 617-621-8304
Corporate
Communications
sbrady@ironwoodpharma.com
Source: Depomed, Inc. & Ironwood Pharmaceuticals, Inc.
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