Ironwood’s 2Q loss widens as expenses grow

Associated Press

Constipation treatment maker Ironwood Pharmaceuticals Inc. said today that its second-quarter loss widened, as an increase in operating expenses outweighed revenue gains.

The Cambridge company lost $18.8 million, or 19 cents per share, in the three months that ended June 30. That compares with a loss of $17.1 million, or 18 cents per share, in last year’s quarter.

Revenue rose 23 percent to $11.3 million from $9.2 million a year ago.

Analysts surveyed by FactSet expected, on average, a loss of 18 cents per share on $11 million in revenue.

Ironwood said its operating expenses climbed 14 percent in the quarter to $30.2 million, as general and administrative expenses rose. The company ended the quarter with about $201 million in cash, cash equivalents, and available-for-sale securities.

Ironwood recently submitted linaclotide, its potential treatment for irritable bowel syndrome and chronic constipation, to the Food and Drug Administration for approval. The company’s European partner, Almirall, S.A., expects to submit linaclotide to the European Medicines Agency in the second half of this year.

Ironwood said its pipeline of products under development includes potential treatments for gastrointestinal disease, pain and inflammation, respiratory, and cardiovascular disease.