Ironwood Pharmaceuticals secures $50 million in equity financing

Oct 02, 2008 (Datamonitor via COMTEX) -- MS | Quote | Chart | News | PowerRating -- Ironwood Pharmaceuticals has raised $50 million in a private equity financing. The financing was led by Morgan Stanley Investment Management, with participation by numerous investors from previous financing rounds.

This capital will be utilized to support the ongoing Phase III development program evaluating linaclotide for the treatment of irritable bowel syndrome with constipation and chronic constipation, to invest in a growing pipeline of internally discovered drug candidates, and to expand commercial capabilities.

Linaclotide is a first-in-class compound currently being evaluated for the treatment of IBS-C, CC and other gastrointestinal disorders. It was designed to exert its effect on the intestine with minimal systemic exposure.

Peter Hecht, CEO of Ironwood, said: "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."

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