Idera Pharmaceuticals, Inc. (Nasdaq:IDRA) develops IMO-3100, a dual TLR7/TLR9 antagonist, which is in preclinical development stage for autoimmune and inflammatory diseases, such as lupus, rheumatoid arthritis, multiple sclerosis, psoriasis, and colitis. In addition, its drug candidates also comprise TLR7 and TLR8 agonists that are in research stage for solid tumor cancers. Idera Pharmaceuticals was founded in 1989 and is based in Cambridge, Massachusetts.



Idera Pharmaceuticals yesterday announced it has raised $9.5 million in a convertible preferred stock offering. In the offering, Idera Pharmaceuticals issued and sold 1,124,260 shares of its convertible preferred stock convertible into 5,621,300 shares of common stock and warrants to purchase 2,810,650 shares of common stock. Each share of convertible preferred stock is convertible into five shares of common stock at a conversion price of $1.6275 per share and warrants are exercisable at $1.6275 per share. The purchase price represents a five percent premium to the closing price of Idera’s common stock on Thursday, November 3rd, 2011.

“Following a thorough strategic review of our programs we have prioritized key areas for our internal investments,” said Sudhir Agrawal, D.Phil., Chairman and Chief Executive Officer, Idera Pharmaceuticals. “The proceeds of this financing, in combination with our current financial resources, will support Idera’s focused corporate strategy of advancing TLR targeted candidates in our autoimmune and inflammatory disease programs and continuing to invest in our novel GSO discovery platform.”

Idera Pharmaceuticals intends to use the net proceeds from the transaction for general corporate purposes, including continuing to fund development of Toll-like Receptor (TLR) targeted candidates in its autoimmune and inflammatory disease program and its gene-silencing oligonucleotide (GSO) technology. The securities in the offering were sold to Pillar Pharmaceuticals, I, L.P., a newly formed investment partnership whose general partner is one of the directors of Idera. Rodman & Renshaw LLC, a subsidiary of Rodman Capital Group Inc. acted as the financial advisor for the company in connection with the offering.

For more information about Idera Pharmaceuticals, please visit: www.iderapharma.com


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