Idera Pharmaceuticals, Inc. (NASDAQ: IDRA), a clinical stage
biopharmaceutical company developing nucleic acid therapeutics for rare
diseases, today reported financial and operational results for the
quarter ended June 30, 2014. The Company highlighted progress in
advancing drug candidates for the treatment of mutation-specific forms
of B-cell lymphoma and autoimmune diseases, as well as its
next-generation antisense technology platform.
"During the past quarter, we made significant progress in advancing our
clinical programs. Our trials in Waldenström's macroglobulinemia (WM)
and diffuse large B-cell lymphoma (DLBCL) are advancing, and we are
making progress towards initiating clinical development in myositis and
graft versus host disease (GvHD) by year-end," said Sudhir Agrawal, D.
Phil., Chief Executive Officer of Idera Pharmaceuticals. "We are also
pleased to have put in place invaluable relationships with global key
opinion leaders and patient foundations to help us advance these
Idera has significantly progressed both its clinical development
programs for rare disease indications and its gene silencing
oligonucleotide (GSO) technology, a novel third-generation antisense
Programs for Genetically Defined Forms of B-cell Lymphoma
Programs for Rare Autoimmune Diseases
Additional pipeline programs
Gene Silencing Oligonucleotide (GSO) Platform
"Collectively these achievements in the second quarter testify both to
the scientific and clinical potential of Idera's programs and to the
quality and dedication of our team, which has continued to add
experienced talent," said Dr. Agrawal. "We look forward to updating
investors on continued progress in the coming quarters."
Second Quarter 2014 Financial Results
As of June 30, 2014, Idera's cash, cash equivalents and investments
totaled $64.7 million compared to $35.6 million as of December 31, 2013.
Net loss applicable to common stockholders for the three months ended
June 30, 2014 was $8.4 million, or $0.10 per diluted share, compared to
a net loss applicable to common stockholders of $5.6 million, or $0.15
per diluted share, for the same period in 2013. For the six month
period, the Company's net loss applicable to common stockholders was
$17.6 million, or $0.22 per diluted share, compared to a net loss
applicable to common stockholders of $9.7 million, or $0.30 per diluted
share, for the same period in 2013. There was nominal revenue recognized
in the second quarter and six month periods of 2014 and 2013.
Research and development expenses for the three months ended June 30,
2014 totaled $5.6 million compared to $2.0 million for the same period
in 2013. For the sixth month period, R&D expenses totaled $12.6 million
compared to $4.3 million for the same period in 2013.
General and administrative expenses for the three months ended June 30,
2014 totaled $2.7 million compared to $1.6 million for the same period
in 2013. For the six-month period, G&A expenses totaled $4.8 million
compared to $3.1 million for the same period in 2013.
"To date we've made significant progress in building out the operational
infrastructure to support our ongoing and planned clinical and
preclinical initiatives," said Lou Arcudi, Chief Financial Officer of
Idera Pharmaceuticals. "We believe we are well capitalized and have the
resources in place to be able to execute on our current business
objectives and carry us through the second quarter of 2016."
Webcast and Conference Call
Idera will host a conference call today at 8:30 a.m. EDT to discuss
second quarter 2014 financial results and corporate highlights.
In order to participate in the conference call, please dial
1-800-901-5241 (domestic) or 1-617-786-2963 (international) and provide
the access code 28510971. The live webcast also can be accessed under
"Investor Events" in the Investors section of the Company's website at www.iderapharma.com.
A replay of the call will be available at 1:30 p.m. EDT on August 12,
2014. To access the replay, please dial 1-888-286-8010 (domestic) or
1-617-801-6888 (international) and reference the access code 67213242.
The archived webcast will be available for 90 days in the Investors
section of Idera's website at www.iderapharma.com.
About Idera Pharmaceuticals
Idera Pharmaceuticals is a clinical-stage biopharmaceutical company
developing a novel therapeutic approach for the treatment of genetically
defined forms of B-cell lymphoma and rare autoimmune diseases. Idera's
proprietary technology involves creating novel nucleic acid therapeutics
designed to inhibit over-activation of Toll-like receptors (TLRs). In
addition to its TLR programs, Idera is developing gene silencing
oligonucleotides (GSOs) that it has created using its proprietary
technology to inhibit the production of disease-associated proteins by
targeting RNA. To learn more about Idera, visit www.iderapharma.com.
Forward Looking Statements
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. All
statements, other than statements of historical fact, included or
incorporated in this press release, including statements regarding the
Company's strategy, future operations, collaborations, intellectual
property, cash resources, financial position, future revenues, projected
costs, prospects, plans, and objectives of management, are
forward-looking statements. The words "believes," "anticipates,"
"estimates," "plans," "expects," "intends," "may," "could," "should,"
"potential," "likely," "projects," "continue," "will," and "would" and
similar expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these identifying
words. Idera cannot guarantee that it will actually achieve the plans,
intentions or expectations disclosed in its forward-looking statements
and you should not place undue reliance on the Company's forward-looking
statements. There are a number of important factors that could cause
Idera's actual results to differ materially from those indicated or
implied by its forward-looking statements. Factors that may cause such a
difference include: whether results obtained in preclinical studies and
clinical trials such as the results described in this release will be
indicative of the results that will be generated in future clinical
trials, including in clinical trials in different disease indications;
whether products based on Idera's technology will advance into or
through the clinical trial process when anticipated, 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's collaborations will be
successful; and such other important factors as are set forth under the
caption "Risk Factors" in the Company's Quarterly Report on Form 10-Q
for the six months ended June 30, 2014. Although Idera may elect to do
so at some point in the future, the Company does not assume any
obligation to update any forward-looking statements and it disclaims any
intention or obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or
1 Fernandez-Rodriguez C, et al. MYD88 (L265P) mutation is an
independent prognostic factor for outcome in patients with diffuse large
B-cell lymphoma. Leukemia. 2014 Jun 6. Epub ahead of print.
2 Welten SM, et al. Inhibition of 14q32 MicroRNAs miR-329,
miR-487b, miR-494 and miR-495 Increases Neovascularization and Blood
Flow Recovery after Ischemia. Circ Res. 2014 Aug 1. Epub ahead of print.
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