Exhibit 99.3

Poster 421

APS2013, New Orleans, LA

rvickery@theravance.com

No Evidence of Analgesic Interference or CNS Opioid Withdrawal for TD-1211 in a

Phase 2b Study in Opioid-Induced Constipation

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

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

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.(4)

·Additional assessments on daily pain score, opioid dose, and central opioid withdrawal are reported here to demonstrate that TD-1211 is peripherally selective and does not impact centrally-mediated analgesia.

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.

·The Clinician Opiate Withdrawal Scale (COWS) was used to assess symptoms of opioid withdraw at baseline and on Day 1 and Day 35.

·The primary efficacy endpoint was the change from baseline in weekly average complete spontaneous bowel movements (CSBMs) over weeks 2-5 of treatment.

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

Results

Patient baseline characteristics

·217 patients were randomized.

Opioid Use

·Majority of patients were on opioids for >3 years.

·Mean and median baseline daily oral opioid dose were 145 and 89 MEU, respectively, with a range of 30-1740 MEU.

·Subjects were on a representative spectrum of opioids.

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

OIC

·Mean duration of OIC was 6 years.

·Mean baseline SBMs/week was 1.1-1.2.

·Mean satisfaction with ability to manage OIC was 3.0 (on 1-6 scale); 45% of patients were notably dissatisfied (score <2).

·20% of patients reported sometimes taking less pain medication (typically a few days each month) because of OIC.

Primary efficacy endpoint

·All doses of TD-1211 achieved statistical significance for the change from baseline in weekly average CSBMs over weeks 2-5 of treatment. (Figure 1).

Measures demonstrating no evidence of analgesic interference

·The mean average daily pain score (0 - 10 VAS with 10 as worst imaginable pain) was 5.9 - 6.1 across treatment groups at baseline, and the change from baseline at Week 5 ranged from -0.7 to 0.1 across the 4 treatment groups (Figure 2).

·The mean change from baseline in daily opioid dose at Week 5 was -6, -8.9, and -4.3 MEU for the 5, 10, and 15mg TD-1211 treatment groups, respectively, compared with +4.8 MEU for placebo (Figure 3).

·On the COWS, with a maximum possible score of 48, the maximum post-treatment score reported was 6 for patients receiving TD-1211 (2 patients) and placebo (3 patients), indicating no evidence of CNS withdrawal. (One patient in the 15mg TD-1211 group had a score of 7 at baseline.) (Figure 4)

Figure 1: Primary Efficacy Endpoint: Change from Baseline in Weekly Average CSBMs over Weeks 2-5

Efficacy Analysis (EA) Population, diff = Least Squares (LS) Mean Differences from placebo

Figure 2: Average Daily Pain Scores Per Week

Efficacy Analysis (EA) Population. Weeks 6+7 = follow-up period. Asterisk =mean. Black line = median. Blue box = upper and lower quartiles. Whiskers = minimum and maximum score range.

Figure 3: Mean Change from Baseline in Daily Opioid Use on Study Visit Days

Efficacy Analysis (EA) Population. x = mean. Black line = median. Box = upper and lower quartiles. Whiskers = Q1 - 1.5*IQR, Q3 + 1.5*IQR, where IQR = Q3-Q1. Circles = outliers beyond the whisker range.

Figure 4: Clinician Opiate Withdrawal Scale

Efficacy Analysis (EA) Population. x = mean. Black line = median. Cylinder = upper and lower quartiles. Whiskers = Q1 - 1.5*IQR, Q3 + 1.5*IQR, where IQR = Q3-Q1. Circles = outliers beyond the whisker range.

Table 1: GI-Related Adverse Events Occurring in at Least 2 Patients in Any Group

	TD-1211
	Placebo	5 mg	10 mg	15 mg	All TD-1211
Safety Population	(N=54)	(N=56)	(N=53)	(N=52)	(N=161)
No. of Patients and Percentage with GI AEs	11	13	15	14	42
	(20.4%)	(23.2%)	(28.3%)	(26.9%)	(26.1%)
Abdominal Pain	6	7	6	8	21
	(11.1%)	(12.5%)	(11.3%)	(15.4%)	(13.0%)
Abdominal Pain Upper	1	2	3	2	7
	(1.9%)	(3.6%)	(5.7%)	(3.8%)	(4.3%)
Diarrhea	0	4	6	4	14
		(7.1%)	(11.3%)	(7.7%)	(8.7%)
Flatulence	3	1	2	1	4
	(5.6%)	(1.8%)	(3.8%)	(1.9%)	(2.5%)
Nausea	2	4	8	3	15
	(3.7%)	(7.1%)	(15.1%)	(5.8%)	(9.3%)
Vomiting	1	4	1	0	5
	(1.9%)	(7.1%)	(1.9%)		(3.1%)

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. (Table 1).

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

·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 sustained, clinically meaningful response over the 5-week treatment period.

·Met primary endpoint of change from baseline in CSBMs / week in moderate to severely constipated OIC population.

·No evidence of interference with analgesia, as noted by stable average daily pain scores and daily opioid doses over the treatment period.

·No evidence of centrally-mediated opioid withdrawal.

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

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.