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Ironwood spinout Cyclerion planning $175M private placement

February 26, 2019 9:54 PM UTC

Cyclerion Therapeutics Inc. (Cambridge, Mass.) plans to raise up to $175 million in a private placement when the company completes its planned spinout from Ironwood Pharmaceuticals Inc. (NASDAQ:IRWD) in early April.

Ironwood said up to $38 million has been committed by future members of Cyclerion management including up to $34 million from a fund backed by Ironwood CEO Peter Hecht and up to $4 million from Ironwood CSO Mark Currie. The remainder of the financing has been committed by undisclosed existing Ironwood shareholders and new investors. Cyclerion's premoney valuation is $250 million...

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Ironwood Pharmaceuticals Inc.