The trial will evaluate the safety and pharmacokinetic profile of single and multi-dose administration of IW-2143, which was discovered by Bionomics, in healthy volunteers.
Bionomics CEO and managing director Dr Deborah Rathjen said the trial is the first US clinical trial of IW-2143.
"As this trial progresses it is anticipated that a US$2 million milestone payment to Bionomics by Ironwood will be triggered," Rathjen added.
Ironwood will develop and commersialize IW-2143 and related compounds and will pay for the costs of clinical development.