Idera Pharmaceuticals, Inc. (NASDAQ: IDRA) priced an underwritten public offering of 25 million shares of its common stock at $2.00 per share in a news release issued this morning. Underwriters participating in the offering are granted a 30-day option to purchase up to an additional 3,750,000 shares of common stock, with all shares in the offering being sold by Idera. Gross proceeds from this offering are expected to total roughly $50 million before underwriting discounts and commissions and other offering expenses. The company plans to use the net proceeds from this offering, along with its existing cash and cash equivalents, to fund the advancement of a selection of its clinical development programs. The offering is expected to close on or about October 13, 2016, subject to customary closing conditions.
To view the full press release, visit: http://nnw.fm/25jFX
About Idera Pharmaceuticals, Inc.
Idera Pharmaceuticals is a clinical-stage biopharmaceutical company developing novel nucleic acid-based therapies for the treatment of certain cancers and rare diseases. Idera’s proprietary technology involves using a TLR-targeting technology, to design synthetic oligonucleotide-based drug candidates to act by modulating the activity of specific TLRs. In addition to its TLR programs, Idera has created a third generation antisense technology platform using its proprietary technology to inhibit the production of disease-associated proteins by targeting RNA. For more information, visit www.IderaPharma.com
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