Ironwood Pharmaceuticals, Inc. (NASDAQ:IRWD) Q4 2018 Earnings Conference Call Transcript

Feb 13, 2019 • 08:30 am ET


Ironwood Pharmaceuticals, Inc. (NASDAQ:IRWD) Q4 2018 Earnings Conference Call Transcript


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Good morning, my name is Emily and I will be your conference operator today. At this time, I would like to welcome everyone to the Ironwood Pharmaceuticals Fourth Quarter and Full Year 2018 Investor Update. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session.

(Operator Instructions) Thank you. Meredith Kaya, you may begin your conference.

Meredith Kaya

Good morning and thanks for joining us for our fourth quarter and full-year 2018 investor update. Our press release crossed the wire earlier this morning and can be found on our website, Today's call and accompanying slides include forward-looking statements. Such statements involve risks and uncertainties that may cause actual results to differ materially. A discussion of these statements and risk factors is available on the current safe harbor statement slide, as well as under the heading Risk Factors in our quarterly report on Form 10-Q for the quarter ended September 30, 2018 and in our future SEC filings.

Our forward-looking statements speak as of the date of the presentation, and we undertake no obligation to update such statements. Also included are non-GAAP financial measures, which should be considered only a supplement to and not a substitute for or superior to GAAP measures. For a reconciliation, please refer to the table at the end of our press release.

During today's call, Peter Hecht will begin with an overview and an update on the company's planned separation. Mark Mallon will then provide comments on new Ironwood, Peter will follow to discuss Cyclerion and Gina Consylman will close by reviewing 2018 financial results and financial guidance. We have the management teams for both Ironwood and Cyclerion available for the question-and-answer portion of the call.

We will be referring to slides available via the webcast. For those of you dialing-in, please go to the event section of our website to access the webcast slides. With that, I will turn it over to Peter.

Peter Hecht

Thanks, Meredith. And thank you all for joining us this morning. 2018 was a momentous year for Ironwood. We advanced our core business and we announced and work feverishly to prepare for the upcoming planned separation. We're now on the cusp of launching two independent publicly traded companies, each poised to deliver important medicines to patients and generate great value for shareholders. We're going to take you through the operating highlights in a moment, but first I want to comment on the launch of the two new companies.

Over the past several months, we made important progress towards setting both companies up for success. We recently named the CEOs and the leadership teams of both companies and the Board of Directors. We filed our first public Form 10 Registration Statement, and we've been engaging with a great group of current and new potential investors to participate in our financing, in which Cyclerion intends to raise between $150 million and $200 million, which should provide Cyclerion with at least eight quarters of runway.