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Ironwood Raises $50 Million to Advance Linaclotide Through Phase 3
Date:10/1/2008

CAMBRIDGE, Mass., Oct. 1 /PRNewswire/ -- Ironwood Pharmaceuticals, Inc. today announced it has raised $50 million in a private equity financing. This capital will be utilized to support the ongoing Phase 3 development program evaluating linaclotide for the treatment of irritable bowel syndrome with constipation (IBS-C) and chronic constipation (CC), to invest in a growing pipeline of internally discovered drug candidates, and to expand commercial capabilities. The financing was led by Morgan Stanley Investment Management, with participation by numerous investors from previous financing rounds.

"Ironwood's investors are terrific and supportive business partners who share our passion for building a great entrepreneurial pharmaceutical company. We are extremely fortunate to work with such high quality investors -- their involvement is a testament to the productivity of our talented team of drug hunters and the strength of our clinical and discovery assets," said Peter Hecht, CEO of Ironwood. "This infusion of equity capital will enable us to execute on our comprehensive development plans for linaclotide, which has the potential to benefit millions of patients; advance our pipeline of therapeutic candidates; and grow our sales and marketing team to commercialize our products."

Ironwood and partner Forest Laboratories, Inc. recently initiated a comprehensive Phase 3 program to evaluate linaclotide's safety and efficacy in patients with either IBS-C or CC. The program will include two pivotal trials in IBS-C patients and two pivotal trials in CC patients, enrolling over 2,500 patients at approximately 250 clinical centers. The companies recently initiated both CC trials and expect to initiate the IBS-C trials by January 2009.

About Linaclotide

Linaclotide is a first-in-class compound currently being evaluated for the treatment of IBS-C, CC, and other gastrointestinal disorders. In a Phase 2b study in 420 patients with IBS-C, linaclotide
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SOURCE Ironwood Pharmaceuticals, Inc.
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