Ventrus Biosciences is a Phase 3 biopharmaceutical company focused on developing products for gastrointestinal disorders. It has two late-stage products targeting large underserved markets: VEN 309, a topical treatment for hemorrhoids entering Phase 3 trials in 2011; and VEN 307, a topical treatment for anal fissures which recently initiated a Phase 3 trial in Europe. Near-term milestones include Phase 3 trial initiations and data readouts in 2012, as well as patent actions, which could position the company for strategic partnerships or independent commercialization.