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Ironwood Pharmaceuticals (IRWD) |
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This company completed an initial public offering (IPO) of its stock in 2010. View articles that reference this company. Recent IPOs: Globe Specialty Metals • LogMeIn • Invesco Mortgage Capital • Medidata • Chemspec |
Ironwood Pharmaceuticals (IRWD) (NASDAQ:IRWD) is a pharmaceutical drug company that has developed a drug to treat irritable bowel syndrome and constipation. The drug, Linaclotide, is in Phase 3 of clinical trials, the final stage of the FDA approval process. In the second half of 2010, the company expects to receive the results for the Phase 3 process, and if it is successful, it will file a new drug application to the FDA in the first half of 2011. [1]
The FDA approval process and new government legislations are the hurdles drug companies must follow to put its drug on the market. Therefore, even if Ironwood Pharmaceuticals's drug Linaclotide receives FDA approval, if there were unforeseen side effects that were not noted in the process, the drug may have to be taken off the market, and Ironwood Pharmaceuticals's brand is tarnished. [1]
The company's initial public offering of stock was filed on 23 November 2009 and traded on the NASDAQ exchange on 2 February 2010. The proposed offer price range was $14-$16 and traded well below the range at $11.25. The company offered 16.7 million shares and raised $188 million. [1]
For the nine months ended 31 December 2009, the company had $27.5 million of total revenue, up 60% from $17.2 million of total revenue in 31 December 2008. Furthermore, the company reported a net loss of $47.3 million for the nine months ended 31 December 2009, a decrease from a net loss of $42.6 million for the nine months ended 31 December 2008. [1]
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