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Idera Pharmaceuticals Reports Second Quarter 2013 Financial Results And Corporate Highlights

Stocks in this article: IDRA

Idera Pharmaceuticals, Inc. (NASDAQ: IDRA) today reported financial results for the quarter ended June 30, 2013, and highlighted progress in the development of its Toll-like receptor (TLR) antagonist programs.

“During the second quarter, we made progress on multiple fronts. We strengthened our financial position through a $16.5 million common stock offering. In addition, we presented clinical proof-of-concept data of TLR antagonism and initiated a Phase 2 trial of our lead TLR antagonist, IMO-8400, in patients with moderate-to-severe plaque psoriasis,” said Sudhir Agrawal, D.Phil., Chief Executive Officer. “We expect data from the Phase 2 trial to be available during the first quarter of 2014.”

"With cash and cash equivalents of $16.3 million at the end of the second quarter, we believe we have funds to complete our Phase 2 clinical trial of IMO-8400 in patients with psoriasis and to fund our operations through year-end 2014,” said Lou Arcudi, Chief Financial Officer.

Also during the quarter, the United States Patent and Trademark Office issued to Idera patent number 8,486,908, providing both composition of matter and method of use protection for IMO-8400. IMO-8400, an antagonist of TLRs 7, 8, and 9, is the Company’s lead candidate in development for the treatment of autoimmune diseases.

2Q 2013 Research and Development Highlights

Autoimmune and Inflammatory Diseases Program

Idera is developing TLR antagonist candidates for the potential treatment of autoimmune and inflammatory diseases by blocking the induction of multiple cytokines, which are mediated through TLR7, TLR8, and TLR9.

IMO-8400 (an antagonist of TLR7, TLR8, and TLR9)

Completion of Phase 1 Trial of IMO-8400 in Healthy Subjects

IMO-8400 was well-tolerated following escalating single and multiple dose administration in this randomized, double-blind, placebo controlled trial in 42 healthy subjects. IMO-8400-treated subjects showed inhibition of TLRs 7, 8, and 9-mediated cytokine induction compared to placebo-treated subjects. The Company presented Phase 1 trial data of IMO-8400 during the second quarter of 2013.

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