Idera Pharmaceuticals, Inc. (Nasdaq: IDRA) today reported financial results for the third quarter ended September 30, 2011. Idera is a biotechnology company engaged in the discovery and development of DNA- and RNA-based drug candidates targeted to Toll-like receptors (TLRs).
“Based on a recently completed strategic assessment and prioritization of our discovery and development pipeline, we are focusing our internal development efforts on our proprietary TLR-targeted autoimmune and inflammatory disease development program and on our gene silencing oligonucleotide technology platform,” commented Sudhir Agrawal, D.Phil., Chairman and Chief Executive Officer of Idera. “Our near-term goal is to evaluate IMO-3100, a lead development candidate for autoimmune and inflammatory diseases, in a clinical proof-of-concept study in patients with psoriasis. Concurrently, we are continuing to work to validate the applications of our GSO technology platform, which we believe holds the potential to overcome significant challenges associated with earlier gene silencing technologies.”
Agrawal continued, “In addition, Merck KGaA is completing a Phase 2 trial of IMO-2055 in combination with Erbitux® for second-line treatment of head and neck cancer and we expect the results of this study, as well as two Phase 1b studies in colon and non-small cell lung cancer conducted by Merck KGaA, to be available in 2012.”
“Idera ended the third quarter with $19.1 million in cash and cash equivalents, and after the quarter end, completed a $9.5 million financing. With the prioritization of internal programs, along with the alignment of our financial and human resources, we believe our current cash position will be sufficient to meet key near-term objectives,” said Lou Arcudi, Chief Financial Officer.Financial Results As of September 30, 2011, cash, cash equivalents and investments totaled $19.1 million compared to $34.6 million at December 31, 2010. In November 2011, we raised $9.5 million in gross proceeds through the issuance and sale of preferred stock and warrants not included in the end of third quarter accounts.