Exhibit 99.2

Poster 411

APS 2013, New Orleans, LA

rvickery@theravance.com

TD-1211 Demonstrates a Durable Increase in Bowel Movement Frequency and Return

Toward Normal Bowel Function in a 5-Week Phase 2b Opioid-Induced Constipation Study

Ross Vickery(1), Yu-Ping Li(1), Ullrich Schwertschlag(1), Neil Singla(2), Lynn Webster(3), and Daniel Canafax(1)

(1) Theravance, Inc., South San Francisco, CA; (2) Lotus Clinical Research, Inc., Pasadena, CA; (3) CRI Lifetree, Inc., Salt Lake City, UT

Introduction

·Opioid analgesics such as morphine continue to play a critical role in chronic cancer and non-cancer pain control.(1) Despite their effectiveness, opioids have significant drawbacks, notably the development of analgesic tolerance and physical dependence, sedation, respiratory depression and bowel dysfunction.(2)

·Opioid-induced constipation (OIC) is common, affecting up to 80% of patients receiving opioids for chronic non-cancer pain.(3)

·TD-1211 is an investigational, peripherally selective, mu-opioid receptor antagonist designed to alleviate gastrointestinal side effects of opioid therapy without affecting analgesia.

·Safety and efficacy results, including the primary and key secondary endpoints, from a 5-week, Phase 2b study in chronic non-cancer pain OIC patients have been previously reported (see also APS 2013 Poster #421).(4)

·As mu-opioid receptor antagonists can quickly reverse the effects of opioid agonists on gastrointestinal opioid receptors, demonstration of a sustained response on bowel movement frequency is necessary for a therapy intended for patients taking opioids chronically.

·Therefore, additional pre-specified week-by-week efficacy analyses are reported here.

Methods

·A 5-week, double-blind, randomized, multi-center, placebo-controlled, parallel-group study was conducted in chronic non-cancer pain patients with OIC, defined as <5 spontaneous bowel movements (SBMs) over a 2-week baseline period and at least one additional symptom of constipation in at least 25% of the bowel movements.

·For the first 4 days of dosing, patients randomized to TD-1211 received 5mg daily and on Day 5, remained at 5mg or were dose-escalated to 10mg or 15mg daily for the remainder of the treatment period. Patients randomized to placebo received placebo for all 5 weeks.

·For at least 14 days prior to Day 1, patients were on a stable chronic opioid regimen, with a total daily dose of >30mg morphine equivalent units (MEU).

·Patients were required to stop laxatives and bowel regimens, except protocol-permitted rescue bisacodyl use, throughout the study.

·Electronic diaries collected frequency, timing, and symptoms of bowel movements; use of laxatives and opioids; daily pain scores; and satisfaction / quality of life metrics.

·Week 1 was excluded from the primary analysis in order to confirm the durability of response and predictability of longer term efficacy studies.

Results

Patient baseline demographics

·As shown in Table 1, baseline characteristics were similar for all treatment groups.

·Subjects were on a representative spectrum of opioids.

·Daily opioid doses ranged from 30-1740 oral MEU.

·Back pain was the most commonly reported reason for chronic opioid use.

Table 1: Patient Baseline Demographics

	TD-1211
	Placebo	5 mg	10 mg	15 mg
Modified Intent to Treat Population	(N=54)	(N=55)	(N=53)	(N=53)
Mean Age (years)	47.6	48.3	49.2	48.9
Female Gender	28	37	32	30
BMI Mean (kg/m2)	28.3	27.8	27.8	28.1
Duration of OIC Mean (years)	5.5	6.4	6.7	5.3

Durability of Response

·An increase in complete spontaneous bowel movements (CSBMs) was observed in Week 1 vs. baseline for each treatment group (Figure 1). The increased CSBMs per week was sustained for each week during Weeks 2-5, ranging from between 2.5 to 3.3 for 10mg TD-1211 patients, 2.5 to 2.9 for 15mg TD-1211 patients, and 0.9 to 1.2 for placebo patients.

·Similarly, an increase in SBMs was observed in Week 1 vs. baseline for each treatment group (Figure 2). The increased SBMs per week was sustained for each week during Weeks 2-5, ranging from between 4.1 to 4.9 for 10mg TD-1211 patients, 4.6 to 5.2 for 15mg TD-1211 patients, and 2.6 to 3.3 for placebo patients.

·In an exploratory analysis, the mean number of days per week with at least 1 SBM ranged weekly between 3.3 to 3.8 for 10mg TD-1211 patients, 3.6 to 3.9 for 15mg TD-1211 patients, and 2.4 to 2.8 for placebo patients. (Figure 3)

·During Weeks 2-5 of treatment, 51-53% of 15mg TD-1211 patients reported >5 SBMs per week compared to 14-29% of placebo patients, indicating a return toward normal bowel function for treated patients. (Figure 4)

Tolerability and Safety

·TD-1211 was generally well tolerated, with overall treatment emergent adverse events (TEAEs) similar between TD-1211 and placebo and gastrointestinal (GI) TEAEs predominant.

·The majority of treatment-related GI AEs were associated with initiation of treatment, resolved within a few days, and were mild or moderate.

Figure 1: Mean Number of Complete and Spontaneous Bowel Movements (CSBMs) at Each Week

Figure 2: Mean Number of Spontaneous Bowel Movements (SBMs) at Each Week

Figure 3: Mean Number of Days per Week with at Least 1 SBM

Figure 4: Percent of Patients Reporting >5 SBMs per Week on Treatment

Table 2: GI-Related Adverse Events Occurring After the Dose Initiation Period ( > Day 5)

		TD-1211 Randomization Group
	Placebo	5 mg	10 mg	15 mg	All
	(n=54)	(n=56)	(n=53)	(n=52)	(n=161)
Any GI-related TEAE of interest	3 (5.6%)	7 (12.5%)	10 (18.9%)	3 (5.8%)	20 (12.4%)
Abdominal pain	1 (1.9%)	3 (5.4%)	4 (7.5%)	1 (1.9%)	8 (5.0%)
Mild	1 (1.9%)	0	3 (5.7%)	0	3 (1.9%)
Moderate	0	3 (5.4%)	1 (1.9%)	1 (1.9%)	5 (3.1%)
Severe	0	0	0	0	0
Abdominal cramping	1 (1.9%)	1 (1.8%)	3 (5.7%)	0	4 (2.5%)
Mild	1 (1.9%)	0	2 (3.8%)	0	2 (1.2%)
Moderate	0	1 (1.8%)	1 (1.9%)	0	2 (1.2%)
Severe	0	0	0	0	0
Diarrhea	0	4 (7.1%)	5 (9.4%)	2 (3.8%)	11 (6.8%)
Mild	0	0	3 (5.7%)	2 (3.8%)	5 (3.1%)
Moderate	0	3 (5.4%)	2 (3.8%)	0	5 (3.1%)
Severe	0	1 (1.8%)	0	0	1 (0.6%)
Nausea	1 (1.9%)	2 (3.6%)	6 (11.3)	1 (1.9%)	9 (5.6%)
Mild	1 (1.9%)	0	5 (9.4%)	1 (1.9%)	6 (3.7%)
Moderate	0	2 (3.6%)	1 (1.9%)	0	3 (1.9%)
Severe	0	0	0	0	0
Vomiting	1 (1.9%)	2 (3.6%)	0	0	2 (1.2%)
Mild	0	0	0	0	0
Moderate	1 (1.9%)	1 (1.8%)	0	0	1 (0.6%)
Severe	0	1 (1.8%)	0	0	1 (0.6%)

Tolerability and Safety (con’t)

·At target doses (i.e., after the first 4 days of treatment initiation at 5mg for patients randomized to TD-1211), <13% of all patients reported any GI-related TEAE (Table 2). Two severe AEs (diarrhea and vomiting) were noted.

·No treatment-related serious adverse events (SAEs) were reported.

·No clinically significant laboratory, ECG, or vital sign abnormalities were observed.

TD-1211 Conclusions

·10mg and 15mg demonstrated a clinically meaningful, sustained response in CSBM and SBM frequency over the duration of the treatment period in OIC patients.

·CSBM and SBM frequency measures indicated a return toward normal bowel function for the 2 highest doses.

·Generally well-tolerated with no treatment-related SAEs.

·Majority of treatment-related GI AEs were associated with initiation of treatment, resolved within a few days, and were mild or moderate.

References

(1)Walsh, T.D. (2000). Seminars in Oncology, 27, 45-63.

(2)Walsh, T.D. (1990). J. Pain Symptom Manage., 5, 362-367.

(3)Holzer, P. (2012). Current Pharmaceutical Design, 18, 6010-6020.

(4)Vickery, R., et al. PainWeek 2012, Las Vegas, NV, September 5-8. Poster #121.