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Idera Pharmaceuticals Reports Fourth Quarter And Full Year 2011 Financial Results And Provides Pipeline Update

Stocks in this article: IDRA

Idera Pharmaceuticals, Inc. (Nasdaq: IDRA) today reported financial and operational results for the fourth quarter and year ended December 31, 2011.

"Idera’s proprietary drug candidates targeting Toll-like Receptors, or TLRs, have advanced to Phase 2 clinical trials in both of our key therapeutic areas of focus: oncology and autoimmune diseases,” said Sudhir Agrawal, D.Phil., Chairman and Chief Executive Officer. "During the second quarter of this year, we anticipate data from a randomized Phase 2 trial of IMO-2055 in combination with Erbitux in patients with second-line squamous cell carcinoma of the head and neck. We also expect to initiate a Phase 2 study of IMO-3100 in patients with psoriasis in the second quarter.”

Dr. Agrawal continued, “We have expanded our pipeline in autoimmune diseases with the addition of IMO-8400, a first-in-class antagonist of TLRs 7, 8 and 9. We have selected lupus as the first disease indication for IMO-8400. However, based on the roles of TLR7, 8 and 9 in multiple autoimmune diseases, IMO-8400 has potential applications in additional disease indications.”

Financial Results

As of December 31, 2011, cash, cash equivalents and investments totaled $24.6 million compared to $34.6 million at December 31, 2010.

Fourth Quarter Results

Net loss applicable to common stockholders for the three months ended December 31, 2011, was $9.7 million, or $0.35 per diluted share, compared to net loss applicable to common stockholders of $6.0 million, or $0.22 per diluted share, for the same period in 2010. Total revenues were $1.1 million for the three months ended December 31, 2010. There was no significant revenue recognized in the fourth quarter of 2011 since we completed the research portions of our collaborations in 2010. Research and development expenses for the three months ended December 31, 2011, totaled $5.7 million compared to $4.9 million for the same period in 2010. General and administrative expenses for the three months ended December 31, 2011, totaled $1.5 million compared to $2.2 million for the same period in 2010.

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