Ironwood Pharmaceuticals To Reduce Headcount By About 10% - Quick Facts

(RTTNews) - Ironwood Pharmaceuticals Inc. (IRWD) announced Wednesday that it is reducing headcount by approximately 10 percent to align its workforce with its strategy to grow a leading gastrointestinal or GI therapeutics company.

Ironwood estimates that it will incur aggregate charges of approximately $4.0 million to $4.5 million for severance and benefit costs in connection with its reduction in workforce, of which approximately 85 percent to 95 percent are expected to result in cash expenditures. The reduction in workforce is expected to be complete during the first quarter of 2014.

The company noted that it continues to focus on driving growth through productive and efficient operations, and expects continued reductions in net cash used in operating activities in 2014 through continued revenue growth and expense management.