Based on assessment of independent data monitoring committee, Ironwood Pharmaceuticals (NASDAQ:IRWD) announces that it will terminate development of IW-3718 for refractory gastroesophageal reflux disease (GERD).
In IW-3718-302, one of its identical Phase 3 trial of IW-3718, failed to meet the primary endpoint of achieving a statistically significant improvement in heartburn severity. As a part of the decision, enrollment in another Phase 3 trial (IW-3718-301) will also be discontinued.
The company plans to cut headcount by ~35%, equivalent to ~100 employees. Planned workforce reduction is anticipated to complete in Q1 of 2021.
It also expects total cost savings of over $95M, excluding anticipated one-time costs of ~$10-$12M to be incurred in the next quarter.
Conference call held today at 8:30 a.m. ET.
https://seekingalpha.com/news/3617918-ironwood-pharma-bails-on-iwminus-3718-shares-down-30-premarket
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