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Idera Pharmaceuticals Reports Second Quarter 2012 Financial Results

Stocks in this article: IDRA

Idera Pharmaceuticals, Inc. (NASDAQ: IDRA) today reported its financial results and highlights for the second quarter ended June 30, 2012.

"During the first half of 2012, we have continued to advance the development of lead candidates in our autoimmune disease program. We anticipate that the interim data from our ongoing Phase 2 study of IMO-3100 in patients with psoriasis will be available by the end of 2012. The Phase 2 study is designed to help us validate the scientific rationale of antagonizing specific Toll-like Receptors for the treatment of autoimmune diseases. We are also on target to submit an Investigational New Drug application for IMO-8400 for the treatment of lupus as a first indication in the fourth quarter of 2012," said Sudhir Agrawal, D.Phil., Chairman and Chief Executive Officer. "In addition, we continue to support our collaboration with Merck in the area of TLR agonists as vaccine adjuvants for cancer, infectious diseases and Alzheimer's disease."

Financial Results

As of June 30, 2012, cash and cash equivalents totaled $13.2 million compared to $24.6 million at December 31, 2011.

Second Quarter Results

Net loss applicable to common stockholders for the three months ended June 30, 2012, was $4.0 million, or $0.15 per diluted share, compared to a net loss applicable to common stockholders of $6.3 million, or $0.23 per diluted share, for the same period in 2011. For the six-month period, the Company's net loss applicable to common stockholders was $11.1 million, or $0.40 per diluted share, compared to a net loss applicable to common stockholders of $13.1 million, or $0.48 per diluted share, for the same period in 2011.

Research and development expenses for the three months ended June 30, 2012, totaled $3.5 million compared to $4.1 million for the same period in 2011. For the six-month period, R&D expenses totaled $7.3 million compared to $8.7 million for the same period in 2011.

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