Monday, February 2, 2009

Idera’s colorectal cancer milestone nets $3.8M

By Marc Songini

Cambridge-based biotech Idera Pharmaceuticals Inc. has hit a milestone with Germany-based Merck KGaA and is now eligible to receive a $3.8 million payment.

Idera (Nasdaq: IDRA) announced it had dosed its first patient in a clinical study of IMO-2055 in combination with Erbitux and Camptosar, for patients afflicted with colorectal cancer. This study is connected with a worldwide licensing and collaboration agreement with Merck KGaA, a global pharmaceutical and chemical company. Idera expects to receive the milestone payment in the second quarter of 2009, and the clinical study is being conducted under Idera’s Investigational New Drug application. Erbitux is developed by ImClone Systems Inc.; Camptosar is trademarked by Pfizer Inc.

Idera develops drug candidates to treat infectious and autoimmune diseases, cancer and respiratory diseases, in addition to its use as vaccine adjuvants. Its candidates are designed to modulate specific Toll-like Receptors, a family of immune system receptors which direct immune system responses.

In December 2007, the company entered into a worldwide licensing and collaboration deal with Merck KGaA. The intent was to develop and commercialize Idera’s Toll-like Receptor 9 (TLR9) agonists to treat cancer. Besides the clinical study announced this week, also in collaboration with Merck KGaA, IMO-2055 is in a Phase 1b clinical study with OSI Pharmaceuticals Inc.’s Tarceva and Genentech Inc.’s Avastin drugs in patients with advanced non-small cell lung cancer.

Last April, Idera announced it had won five patents worldwide related to its immune modulatory oligonucleotides, synthetic DNA-based compounds intended to treat diseases.