Activation of GC-C results in increased intestinal fluid secretion and transit and a reduction in visceral pain, which is thought to be mediated by decreased activity of pain-sensing nerves. LINZESS binds to the GC-C receptor locally, within the intestinal epithelium. LINZESS is thought to work in two ways based on nonclinical studies. LINZESS should be taken at least 30 minutes before the first meal of the day. The recommended dose is 290 mcg for IBS-C patients and 145 mcg for CIC patients. LINZESS is a once-daily capsule that helps relieve the abdominal pain and constipation associated with IBS-C, as well as the constipation, infrequent stools, hard stools and incomplete evacuation associated with CIC. LINZESS is the first and only guanylate cyclase-C (GC-C) agonist approved by the FDA for the treatment of both irritable bowel syndrome with constipation (IBS-C) and chronic idiopathic constipation (CIC) in adults. Morgan Stanley acted as sole placement agent for the notes. The notes have not been and will not be registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent an applicable exemption from the registration requirements of the Securities Act. ![]() Prior to the completion of this transaction, Ironwood ended 2012 with approximately $168 million of cash, cash equivalents, and available-for-sale securities. "The structure of this financing provides us with financial flexibility as we continue working toward our goal of building an enduring pharmaceutical company that helps people lead better lives." "This non-dilutive financing enhances our cash position and provides us with additional strategic optionality as we continue to advance our broader pipeline and execute on the launch of LINZESS," said Michael Higgins, Chief Financial Officer and Chief Operating Officer of Ironwood Pharmaceuticals. ![]() The notes may be redeemed at any time prior to maturity, in whole or in part, at the option of Ironwood at specified redemption premiums. The notes are not convertible into Ironwood equity. The notes are solely secured by a security interest in a segregated bank account established to receive the required interest amount (during the interest-only period) or the synthetic royalty amount (after the interest-only period), and all amounts credited from time to time to this account. Given the principal payments on the notes are based on the synthetic royalty amount, which will vary from quarter to quarter, the notes may fully be repaid prior to the final maturity date in 2024. Principal on the notes will be repaid in an amount equal to the synthetic royalty amount minus the required quarterly interest amount, when this is a positive number, until the principal has been paid in full. After the interest-only period, Ironwood will make quarterly payments on the notes equal to the greater of (i) 7.5% of net sales of LINZESS in the United States for the preceding quarter ("the synthetic royalty amount") and (ii) accrued and unpaid interest on the notes ("the required interest amount"). The notes bear an annual interest rate of 11%, with interest paid quarterly beginning June 15, 2013, and principal expected to be paid quarterly beginning March 15, 2014. Ironwood issued $175 million in aggregate principal amount of Linaclotide PhaRMA SM 11% Notes due on or before June 15, 2024. Ironwood intends to use the net proceeds from this transaction to fund its research and development efforts and to support the commercial launch of LINZESS™ (linaclotide), in addition to general corporate purposes. ( NAS: IRWD) today announced the completion of a debt offering of $175 million. Ironwood Completes $175 Million Debt OfferingĬAMBRIDGE, Mass.-( BUSINESS WIRE)- Ironwood Pharmaceuticals, Inc.
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