What Clinical Updates Did Idera Pharmaceuticals Inc. (NASDAQ:IDRA) Provide?
Idera Pharmaceuticals, Inc. (NASDAQ:IDRA), a clinical stage bio pharmaceutical company, has announced financial results for the third quarter, ended September 30, 2013. The company reported a net loss of $5.0 million, or $0.11 per diluted share, for the third quarter of 2013, compared to a net loss of $4.8 million, or $0.17 per diluted share, in the same quarter of 2012.
Revenue for the third quarter was $7,000 thousand, versus $3,000 in the third quarter of 2012. The figure was far behind the consensus estimate of $30,000.
On September 30, the Company closed a follow-on underwritten public offering, in which it sold 13,727,251 shares of common stock at $1.55 per share and pre-funded warrants to purchase up to 4,175,975 shares of common stock at $1.54 per share for aggregate gross proceeds of $27.7 million. The estimated net proceeds to the Company from the offering were approximately $25.6 million.
The Company expects that this money will help support the continued development of its key clinical programs, including the Phase 1/2 clinical trial of IMO-8400 in patients with Waldenström’s macroglobulinemia; planned Phase 1/2 clinical trial of IMO-8400; and submission of an IND for IMO-9200. The financing will help the company to execute its programs into mid-2015.
As of September 30, Idera Pharmaceuticals had cash and cash equivalents of approximately $38.7 million.
In August, Idera and National Cancer Institute signed a Materials Cooperative Research and Development Agreement (M-CRADA) to evaluate Idera’s Toll-like receptor (TLR) antagonists as a potential approach to the treatment of certain genetically defined B-cell lymphomas.
“This has been a highly productive quarter at Idera, both clinically and operationally,” said Sudhir Agrawal, D. Phil., Chief Executive Officer of Idera Pharmaceuticals. “We continued to successfully execute against our stated goals in our autoimmune disease and B-cell lymphoma programs. We submitted an IND for our planned Phase 1/2 trial of IMO-8400 in Waldenstrom’s macroglobulinemia. In addition, we completed enrolment in our Phase 2 trial of IMO-8400 in patients with moderate-to-severe plaque psoriasis as planned and have expanded the trial to include a higher dose cohort. We also raised over $27 million in a public offering which has further strengthened our financial position and our ability to move forward on our objectives.”
“This successful financing has greatly strengthened our cash position and we are now poised to execute on our strategic plans,” said Lou Arcudi, Chief Financial Officer.