Ironwood Pharma Shares Tank 40% as Drug Trial Misses Secondary Goal
$Ironwood Pharmaceuticals(IRWD.US$ shares sank almost 40% after the drugmaker said its global phase III trial of Apraglutide, a treatment for short bowel syndrome, missed two of its four secondary goals.
That muddies the prospects for the company that's seeking to expand its product pipeline beyond Linzess.
Ironwood, which has been operating at a loss, sourced almost ll of its $117.6 million revenue in 2023 from its collaborative arrangements with $AbbVie(ABBV.US$ on Linzess, a treatment for irritable bowel syndrome with constipation, according to its financial report released Feb. 15.
That muddies the prospects for the company that's seeking to expand its product pipeline beyond Linzess.
Ironwood, which has been operating at a loss, sourced almost ll of its $117.6 million revenue in 2023 from its collaborative arrangements with $AbbVie(ABBV.US$ on Linzess, a treatment for irritable bowel syndrome with constipation, according to its financial report released Feb. 15.
While Apraglutide results weren't statistically significant compared with placebo for the number of days the patient's condition improved while going off parenteral support, Ironwood said the treatment nevertheless met its primary goal, including the easing of treatment burden for patients.
The company said it plans to submit new drug application and other regulatory filings for Apraglutide.
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