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Idera Pharmaceuticals Reports Fourth Quarter And Full Year 2012 Financial Results And Provides Update On Autoimmune Disease Program

Stocks in this article: IDRA

Idera Pharmaceuticals, Inc. (Nasdaq: IDRA) today reported its financial and operational results for the fourth quarter and year ended December 31, 2012.

“During the past year, Idera has demonstrated promising clinical activity for the use of Toll-like Receptor antagonists as a novel approach for the potential treatment of autoimmune diseases,” said Sudhir Agrawal, D.Phil., Chairman and Chief Executive Officer. “We recently completed dosing in the escalating single-dose portion of our Phase 1 study of IMO-8400, an antagonist of TLRs 7, 8 and 9. In this portion of the trial, IMO-8400 was well-tolerated and showed TLR target engagement at three dose levels in healthy subjects. These results build on the results of our Phase 2 clinical trial of IMO-3100, an antagonist of TLRs 7 and 9, in patients with plaque psoriasis, which we believe provided clinical proof of concept of our approach of targeting specific TLRs for the treatment of psoriasis and other autoimmune and inflammatory diseases.”

Dr. Agrawal continued, “Our next step is to conduct a Phase 2 clinical trial in patients with psoriasis with an extended treatment period of up to 12 weeks. Based on our evaluation of the comparative profiles of IMO-3100 and IMO-8400, including the engagement of TLR8 by IMO-8400, Idera has determined to conduct this Phase 2 trial with IMO-8400. Subject to successful completion of our ongoing multiple dose Phase 1 trial of IMO-8400 and to obtaining the necessary financing to conduct this trial, we expect to initiate this Phase 2 clinical trial in the second quarter of 2013.”

“Our 2012 year-end cash and cash equivalents totaled $10.1 million. We are exploring financial alternatives to obtain the additional capital to continue progress with our autoimmune disease program,” said Mr. Lou Arcudi, Senior Vice President of Operations and Chief Financial Officer.

Financial Results

As of December 31, 2012, cash and cash equivalents totaled $10.1 million compared to $24.6 million at December 31, 2011.

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