IRONWOOD PHARMACEUTICALS,INC. (NASDAQ:IRWD) Files An 8-K Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition.
On February13, 2019,Ironwood Pharmaceuticals,Inc. (“Ironwood”) issued a press release containing an update on its recent business activities as well as those for the quarter ended December31, 2018. A copy of the press release is furnished as Exhibit99.1 and is incorporated herein by reference.
The press release is being furnished to Item 2.02 of this Current Report on Form8-K and shall not be deemed “filed” for purposes of Section18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall such document be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act except as shall be expressly set forth by specific reference in such filing.
Item 2.02 Costs Associated with Exit or Disposal Activities.
On February7, 2019, following further analysis of Ironwood’s strategy and core business needs, and in an effort to further strengthen the operational efficiency of its organization,Ironwood commenced a reduction in its workforce by 35 employees, primarily based in the home office. Ironwood’s field-based sales force and employees expected to go to Cyclerion Therapeutics,Inc. are excluded from the workforce reduction. Ironwood expects to substantially complete the reduction in its workforce during the first quarter of 2019.
Ironwood estimates that, in connection with this reduction in its workforce, it will incur substantially all aggregate charges in the first quarter of 2019 of approximately $3 million to approximately $4 million for one-time employee severance and benefit costs. Of these charges, approximately 85% are expected to result in cash expenditures.
This Current Report on Form 8-K contains forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, including statements about Ironwood’s expectations regarding the timing and financial impact to be incurred in connection with the workforce reduction, as well as the timing of the completion of all impacts of the workforce reduction. Each forward-looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statement. Applicable risks and uncertainties include those related to the difficulty of predicting the financial impact or timing of the reduction, including the risk that the actual financial could vary materially from the outcomes anticipated; and the risks listed under the heading “Risk Factors” and elsewhere in Ironwood’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, and in Ironwood’s subsequent SEC filings. These forward-looking statements speak only as of the date of this Current Report on Form 8-K, and Ironwood undertakes no obligation to update these forward-looking statements.
Item 2.02 Financial Statements and Exhibits.
IRONWOOD PHARMACEUTICALS INC Exhibit
EX-99.1 2 a19-4597_1ex99d1.htm EX-99.1 Exhibit 99.1 FOR IMMEDIATE RELEASE Ironwood Pharmaceuticals Provides Fourth Quarter and Full Year 2018 Investor Update Grew 2018 revenue 16% year-over-year to $347 million,…
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About IRONWOOD PHARMACEUTICALS,INC. (NASDAQ:IRWD)
Ironwood Pharmaceuticals, Inc. is a biotechnology company. The Company’s products Linaclotide provides patients and healthcare practitioners with a treatment option for adults in the United States and certain other countries with irritable bowel syndrome with constipation (IBS-C), chronic idiopathic constipation (CIC) and gastrointestinal (GI) disorders. It operates through human therapeutics segment. Linaclotide is also being developed and commercialized in other parts of the world by certain of its partners. It is engaged in developing therapeutic platforms for the treatment of vascular and fibrotic diseases, and refractory gastroesophageal reflux disease (GERD). Its IW-9179 is used for the treatment of gastroparesis and functional dyspepsia. The Company has conducted an exploratory Phase IIa clinical study of IW-3718 in patients with refractory GERD. It has two sGC development candidates, which include IW-1973 and IW-1701.