Print
Email
Print Edition Stories
Idera Pharmaceuticals Inc. has brought in $9.5 million from a convertible preferred stock offering sold to Pillar Pharmaceuticals I LP, the Cambridge biotech announced on Friday.
The stock offering applied to just over 1.12 million shares of convertible preferred stock, convertible into 5.62 million shares of common stock and warrants for 2.8 million shares of common stock at $1.63 per share. Idera (Nasdaq: IDRA) said it plans to use proceeds from the offering to support development of its gene-silencing oligonucleotide technology platform and its Toll-like Receptor (TLR) targeted candidates in its autoimmune and inflammatory disease programs.
The Cambridge company, which develops treatments for autoimmune and inflammatory diseases, as well as cancer, was hit in July with a delay of its Phase 2 trial of IMO-3100, its potential treatment for psoriasis.
The delay followed a series of FDA-related setbacks Idera has had this year. Also in July, its partner, German drug maker Merck KGaA, halted development on a joint drug candidate to treat cancer, due to safety concerns stemming from increased incidences of neutropenia and electrolyte imbalances. Idera also announced in April that it was delaying a Phase 2 trial of IMO-2125, a treatment for a specific type of hepatitis C, because early data showed certain types of cancerous growth in lab rats.
Comments
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.
RSS Feeds
