Healthcare in Boston: Cambridge pharma receives IPO boost

Ironwood Pharmaceuticals of Cambridge, Massachusetts, recently announced a slight change to its February 10 initial public offering.

Underwriters of the IPO have exercised their option to purchase an additional 787,500 shares at $15.09 per share. Ironwood will now issue 6,037,500 shares and, via net proceeds, will boost its public stock offering to $85 million - a $5 million increase from the original amount.

With the proceeds from the IPO, Ironwood plans to strengthen its balance sheet and prepare for the launch of an investigational drug designed to treat irritable bowel syndrome - Linaclotide.

Mass High Tech reports that Ironwood partnered with New York City-based Forest Laboratories in August to submit Linaclotide to the U.S. Food and Drug Administration (FDA) for approval. Its application was accepted in October and Ironwood expects full FDA approval by June.

What's more, Ironwood also recently signed a licensing agreement with Australia-based Bionomics to research anti-anxiety compounds.

One of the highest-ranked Boston accounting firms, KLR boasts 160 team members across the East Coast. Because of its expansive reach, employees are able to specialize in support for healthcare-based companies, including practice management consulting, corporate compliance assistance and business valuation services.