Protagonist Therapeutics is a U.S.-incorporated biotechnology company pursuing the discovery and development of disulfide-rich peptides (DRPs) as well differentiated alternatives to biologics, and also as new chemical entities (NCEs) against those targets and life threatening diseases for which suitable small molecule and/or biologic options are not available. DRPs are a proven chemical class of drugs with numerous examples of orally stable and injectable NCEs on the market and in various stages of clinical development. The company has a validated technology platform well suited to explore the full potential of the DRP scaffold class. It comprises of a purposefully built computational design environment, directed evolution approaches to prepare millions of molecules via phage libraries, and classical small molecule medicinal chemistry type analoging and SAR development.Protagonist is a spin-out of University of Queensland’s Institute of Molecular Biosciences (IMB) and has discovery operations in Menlo Park, California USA and Brisbane, Queensland, Australia. For further information, please visit http://www.protagonist-inc.com. This press release contains forward looking statements, and investors are cautioned not to place undue reliance on such statements. Such statements include, but are not limited to, statements regarding Protagonist’s development obligations, Ironwood’s rights to develop any peptide developed by Protagonist, and Ironwood’s obligations to fund Protagonist’s research and to make milestone and royalty payments if products are successfully developed and commercialized. Each forward‐looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statement. Applicable risks and uncertainties include the risks that Ironwood chooses not to develop or commercialize a peptide designed in connection with the collaboration, that a peptide does not successfully complete preclinical or clinical development, that either party commits a material breach of the collaboration agreement, or that the collaboration is terminated before Protagonist develops any peptide. Applicable risks also include those that are listed in Ironwood Pharmaceuticals’ Quarterly Report on Form 10‐Q for the three months ended September 30, 2012, in addition to the risk factors that are listed from time to time in Ironwood’s subsequent SEC filings. Ironwood undertakes no obligation to update these forward‐looking statements to reflect events or circumstances occurring after this press release. These forward‐looking statements speak only as of the date of this press release. All forward‐looking statements are qualified in their entirety by this cautionary statement.