Idera Pharmaceuticals Announces $5.0 Million in Further Proceeds from Private Placement of up to $20.7 Million
December 15 2020 - 8:05AM
Idera Pharmaceuticals, Inc. (Nasdaq: IDRA) today announced the
closing of a second tranche under its April 7, 2020, securities
purchase agreement (the “Purchase Agreement”), resulting in
aggregate proceeds of up to $20.7 million in common stock and
warrant investment by funds affiliated with an institutional
investor. Pursuant to the Purchase Agreement, under the second
tranche Idera sold 2,747,252 shares of common stock (or common
stock equivalents), together with accompanying warrants to purchase
1,373,626 shares of common stock, for aggregate gross proceeds of
$5.0 million. The placement is exempt from the registration
requirements of the Securities Act of 1933, as amended.
“We believe this funding and other financial
arrangements we have in place reflect optimism in the significant
commercial opportunity for tilsotolimod, the most advanced TLR9
agonist therapy in development, to address the unmet medical need
for patients living with anti-PD-1 refractory advanced melanoma and
other difficult to treat tumor types,” stated Vincent Milano, Chief
Executive Officer of Idera. “It also provides us the potential cash
runway to help make tilsotolimod, if approved, available to those
patients.”
The Company plans to use the $10.0 million in cash
proceeds from the first and second tranches of this private
placement to fund the completion of the ongoing ILLUMINATE-301
clinical trial and potential NDA filing of its lead product,
tilsotolimod, for the treatment of anti-PD-1 refractory metastatic
melanoma, and for general corporate purposes. The Company plans to
use the subsequent proceeds of up to $10.7 million, if associated
warrants are exercised, to fund the potential commercial launch of
tilsotolimod, as well as the ongoing ILLUMINATE-206 trial exploring
tilsotolimod in tumor types beyond melanoma and general corporate
purposes.
The shares of common stock (or common stock
equivalents) and warrants sold in the private placement have not
been registered under the Securities Act of 1933, as amended, or
under any state securities laws and, unless so registered, may not
be offered or sold in the United States except pursuant to an
exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and applicable
state securities laws.
This press release shall not constitute an offer to
sell or the solicitation of an offer to buy these securities, nor
shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation, or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Tilsotolimod
(IMO-2125)Tilsotolimod is an investigational, synthetic
Toll-like receptor 9 agonist. Intratumoral injection of
tilsotolimod has been shown to promote both innate (Type-I IFN,
antigen presentation) and adaptive (T cells) immune activation.
Tumors with an active immune response appear to respond better to
CPIs than those that exclude or inhibit anti-tumor immune cells.
Tilsotolimod in combination with CPIs may cause regression of
locally injected and distant tumor lesions and increase the number
of patients who benefit from immunotherapy.
Tilsotolimod has received both Fast Track
designation and Orphan Drug designation from the FDA and is being
evaluated in multiple tumor types and in combination with multiple
checkpoint inhibitors. For more information on tilsotolimod trials,
please visit www.ClinicalTrials.gov.
About Idera
PharmaceuticalsHarnessing the approach of the earliest
researchers in immunotherapy and the company’s vast experience in
developing proprietary immunology platforms, Idera’s development
program is focused on priming the immune system to play a more
powerful role in fighting cancer, ultimately increasing the number
of people who can benefit from immunotherapy. Idera also continues
to focus on the acquisition, development, and ultimate
commercialization of drug candidates for both oncology and rare
disease indications characterized by small, well-defined patient
populations with serious unmet needs. To learn more about Idera,
visit www.iderapharma.com.
Forward-Looking Statements This
press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
All statements, other than statements of historical fact, included
or incorporated in this press release, including statements
regarding Tranche 2, the use of proceeds, the Company's strategy,
future operations, collaborations, intellectual property, cash
resources, financial position, future revenues, projected costs,
prospects, clinical trials, plans, and objectives of management,
are forward-looking statements. The words "believes,"
"anticipates," "estimates," "plans," "expects," "intends," "may,"
"could," "should," "potential," "likely," "projects," "continue,"
"will," and "would" and similar expressions are intended to
identify forward-looking statements, although not all
forward-looking statements contain these identifying words. Idera
cannot guarantee that it will achieve the plans, intentions or
expectations disclosed in its forward-looking statements and you
should not place undue reliance on the Company's forward-looking
statements. There are several important factors that could cause
Idera's actual results to differ materially from those indicated or
implied by its forward-looking statements. Factors that may cause
such a difference include: whether the Company’s cash resources
will be sufficient to fund the Company’s continuing operations and
the further development of the Company’s programs for the period
anticipated; whether interim results from a clinical trial will be
predictive of the final results of the trial; whether results
obtained in preclinical studies and clinical trials will be
indicative of the results that will be generated in future clinical
trials, including in clinical trials in different disease
indications; whether products based on Idera's technology will
advance into or through the clinical trial process when anticipated
or at all or warrant submission for regulatory approval; whether
such products will receive approval from the U.S. Food and Drug
Administration or equivalent foreign regulatory agencies; whether,
if the Company's products receive approval, they will be
successfully distributed and marketed; whether the Company's
collaborations will be successful; and such other important factors
as are set forth under the caption "Risk factors" in the Company’s
Annual Report filed on Form 10-K for the period ended December 31,
2019 and the Company’s Quarterly Report filed on Form 10-Q for the
period ended September 30, 2020. Although Idera may elect to do so
at some point in the future, the Company does not assume any
obligation to update any forward-looking statements and it
disclaims any intention or obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
Idera Pharmaceuticals Contacts:
Jill Conwell
Investor Relations &
Corporate Communications
Phone (484) 348-1675
JConwell@IderaPharma.com
John J. Kirby
Chief Financial Officer
Phone (484) 348-1627
JKirby@IderaPharma.com
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