CAMBRIDGE, Mass.--(BUSINESS WIRE)--
Ironwood
Pharmaceuticals, Inc. (NASDAQ: IRWD), a GI-focused healthcare
company, today announced an adjustment to the conversion rate applicable
to its existing 2.25% Convertible Senior Notes due 2022, effective April
15, 2019. The adjustment was effected pursuant to the indenture, dated
as of June 15, 2015, and as supplemented April 5, 2019, between Ironwood
and U.S. Bank National Association, as trustee, pursuant to which the
Convertible Notes were originally issued.
In connection with the separation of Ironwood and Cyclerion
Therapeutics, Inc. (Cyclerion) into two independent, publicly traded
companies, on April 1, 2019, Ironwood distributed to its shareholders
one share of Cyclerion common stock for every 10 shares of Ironwood
common stock held as of the close of business on March 19, 2019, the
record date for the distribution.
As a result of the separation, and pursuant to Section 4.05(c) of the
indenture, effective April 15, 2019, the conversion rate under the
indenture has been adjusted to equal 68.9172 shares of Ironwood Common
Stock per $1,000 principal amount of the Convertible Notes.
About Ironwood Pharmaceuticals
Ironwood Pharmaceuticals (Nasdaq: IRWD) is a GI-focused healthcare
company focused on creating medicines that make a difference for
patients living with GI diseases. We discovered, developed and are
commercializing linaclotide, the U.S. branded prescription market leader
for adults with irritable bowel syndrome with constipation (IBS-C) or
chronic idiopathic constipation (CIC). We are currently advancing a
Phase IIIb trial evaluating the efficacy and safety of linaclotide on
multiple abdominal symptoms, including bloating, pain, and discomfort,
in adult patients with IBS-C.
We are also advancing two late-stage, first-in-category GI product
candidates: IW-3718 is a gastric retentive formulation of a bile acid
sequestrant being developed for the potential treatment of persistent
gastroesophageal reflux disease, and MD-7246 is a delayed-release
formulation of linaclotide that is being evaluated as an oral,
intestinal, non-opioid, pain-relieving agent for patients suffering from
abdominal pain associated with IBS with diarrhea.
Ironwood was founded in 1998 and is headquartered in Cambridge, Mass.
For more information, please visit our newly launched website at www.ironwoodpharma.com
or www.twitter.com/ironwoodpharma;
information that may be important to investors will be routinely posted
in both these locations.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190416005884/en/
Media and Investors:
Meredith Kaya, 617-374-5082
Vice
President, Investor Relations and Corporate Communications
mkaya@ironwoodpharma.com
Source: Ironwood Pharmaceuticals, Inc.