Ironwood's

Ironwood's European partner, Almirall, S.A., is on track to submit a Market Authorization Application MAA for linaclotide to the European Medicines Agency for IBS‐C in the second half of 2011.

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Linaclotide, Ironwood's GC-C agonist, is an investigational drug for the treatment of irritable bowel syndrome with constipation IBS-C and chronic constipation.

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Such statements include, but are not limited to, statements regarding Depomed's formulation obligations, Ironwood's rights to develop or commercialize any product utilizing Depomed's Acuform™ gastric retentive drug delivery technology, and Ironwood's obligations to make milestone payments and royalties if products are successfully developed or commercialized.

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"We are pleased to contribute our Acuform technology and drug delivery expertise to Ironwood's development effort, and add an important new partner to our Acuform franchise strategy," said Thadd Vargas, Depomed's senior vice president, Business Development.

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Linaclotide, Ironwood's GC-C agonist, is in Phase 3 clinical development for the treatment of irritable bowel syndrome with constipation IBS-C and chronic constipation.

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Commenting on the program, Ironwood's CEO, Bezhad Shayanfar, stated, Once we initiate the field work we will be one step closer to identifying indicators of a Carlin-type mineral occurrence.

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Applicable risks also include those that are included in Ironwood's Quarterly Report on Form 10-Q for the three months ended September 30, 2011, in addition to the risk factors that are included from time to time in Ironwood's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and any subsequent SEC filings, including the prospectus supplement related to the proposed offering to be filed with the SEC.

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Investors are cautioned not to place undue reliance on these forward-looking statements, including, but not limited to, statements relating to Ironwood's expectations regarding the completion, timing and size of the proposed offering and use of proceeds.

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Linaclotide, Ironwood's GC-C agonist, is an investigational drug for the treatment of irritable bowel syndrome with constipation (IBS-C) and chronic constipation (CC).

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"Ironwood is keen to pursue appropriate collaborations that will create value and leverage each party's area of expertise," said Jim O'Mara, Ironwood's vice president, Corporate Development.

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