Idera Pharmaceuticals, Inc. (Nasdaq: IDRA) today announced it has raised
$7.0 million in a private placement financing of convertible preferred
stock and warrants.
In the offering, the Company issued 424,242 shares of its convertible
preferred stock (convertible into 8,484,840 shares of common stock) and
warrants to purchase 8,484,840 shares of common stock. Each share of
convertible preferred stock is convertible into 20 shares of common
stock at a conversion price of $0.70 per share, and the warrants are
exercisable at a price of $0.70 per share. The purchase price represents
the closing price of Idera's common stock on Thursday, November 8th,
Idera intends to use the net proceeds from the transaction for general
corporate purposes, including to fund the continuing advancement of the
Company's autoimmune disease program.
"We expect that the proceeds of this financing, in combination with our
current financial resources, will allow us to complete our ongoing Phase
2 study of IMO-3100 in patients with psoriasis and to conduct a phase 1
clinical trial of IMO-8400 in our lupus program," said Sudhir Agrawal,
D.Phil., Chief Executive Officer, Idera Pharmaceuticals. "We anticipate
that we will have top-line data from some of the endpoints of the Phase
2 study by year end 2012."
The securities in the offering were sold to Pillar Pharmaceuticals II,
L.L.P., an investment partnership whose general partner is one of the
directors of Idera. Piper Jaffay & Co. acted as sole placement agent to
the company in connection with the offering.
About Idera Pharmaceuticals, Inc.
Idera Pharmaceuticals applies its proprietary Toll-like receptor (TLR)
drug discovery platform which has created immunomodulatory drug
candidates and has a clinical development program in autoimmune
diseases. Additionally, Idera has a collaboration with Merck & Co. for
the use of TLR-targeted candidates as vaccine adjuvants. The Company is
also advancing its gene-silencing oligonucleotide (GSO) technology for
the purpose of inhibiting the expression of disease-promoting genes. For
more information, visit http://www.iderapharma.com.
Idera Forward Looking Statements
This press release contains forward-looking statements concerning Idera
Pharmaceuticals, Inc. that involve a number of risks and uncertainties.
For this purpose, any statements contained herein that are not
statements of historical fact may be deemed to be forward-looking
statements. Without limiting the foregoing, the words "believes,"
"anticipates," "plans," "expects," "estimates," "intends," "should,"
"could," "will," "may," and similar expressions are intended to identify
forward-looking statements. There are a number of important factors that
could cause Idera's actual results to differ materially from those
indicated by such forward-looking statements, including whether Idera's
cash resources will be sufficient to fund the Company's continuing
operations and the further development of the Company's autoimmune
disease program.; whether results obtained in preclinical studies and
early clinical trials, will be indicative of results obtained in future
clinical trials; whether products based on Idera's technology will
advance into or through the clinical trial process on a timely basis or
at all and receive approval from the United States Food and Drug
Administration or equivalent foreign regulatory agencies; whether, if
the Company's products receive approval, they will be successfully
distributed and marketed; whether the Company will be able to license
any of its TLR target candidates on a timely basis or at all; whether
the Company's collaboration with Merck & Co, Inc., will be successful;
whether the patents and patent applications owned or licensed by the
Company will protect the Company's technology and prevent others from
infringing it; and such other important factors as are set forth under
the caption "Risk Factors" in Idera's Quarterly Report on Form 10-Q for
the quarter ended September 30, 2012 which important factors are
incorporated herein by reference. Idera disclaims any intention or
obligation to update any forward-looking statements.
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