Idera to Draw Down $3.5 Million under Existing Equity Vehicle; Stock to be Sold at $5.12 Per Share
July 10 2006 - 9:35AM
Business Wire
Idera Pharmaceuticals, Inc. (AMEX: IDP) today announced that on
July 24, 2006 it will sell 683,594 shares of its common stock at a
price of $5.12 for total proceeds of $3.5 million, under the terms
of the $9.75 million equity financing vehicle that it entered into
with Biotech Shares Ltd. on March 27, 2006. Under the terms of its
agreement with Biotech Shares Ltd., the Company provided notice of
the drawdown today. Biotech Shares' commitment to purchase the
shares is supported by a letter of credit confirmed by JPMorgan
Chase Bank, NA. The Company has the right to draw down from Biotech
Shares an additional $6.25 million through the end of 2006, subject
to certain conditions. The Company plans to use the proceeds from
the drawdown to advance its pipeline of drug candidates targeted to
Toll-like receptors (TLRs). Idera's pipeline includes development
stage programs with TLR9 agonists (IMO-2055 in Phase 2 clinical
trials for oncology and IMO-2125 in pre-IND testing for infectious
disease) and discovery stage programs with agonists of TLR7 and
TLR8 and with antagonists to TLR9. About Idera Pharmaceuticals,
Inc. Idera Pharmaceuticals, Inc. is a drug discovery and
development company with a pipeline of drug candidates to treat
cancer and infectious, respiratory and autoimmune diseases. Idera's
proprietary drug candidates are targeted to Toll-like Receptors
(TLRs), the body's first line of immune defense. Idera's pioneering
DNA chemistry expertise enables it to identify drug candidates for
internal development as well as to create opportunities for
multiple collaborative alliances. For more information, visit
www.iderapharma.com. Forward Looking Statements This press release
contains forward-looking statements concerning Idera
Pharmaceuticals, Inc. that involve a number of risks and
uncertainties. For this purpose, any statements contained herein
that are not statements of historical fact may be deemed to be
forward-looking statements. Without limiting the foregoing, the
words "believes," "anticipates," "plans," "expects," "estimates,"
"intends," "should," "could," "will," "may," and similar
expressions are intended to identify forward-looking statements.
There are a number of important factors that could cause Idera's
actual results to differ materially from those indicated by such
forward-looking statements, including whether products based on
Idera's technology will advance into or through the clinical trial
process on a timely basis or at all and receive approval from the
United States Food and Drug Administration or equivalent foreign
regulatory agencies; whether the Company will complete enrollment
of clinical trials in the time expected; whether, if the Company's
products receive approval, they will be successfully distributed
and marketed; whether the results of preclinical studies will be
indicative of results that may be obtained in clinical trials;
whether Idera's cash resources will be sufficient to fund product
development and clinical trials; and such other important factors
as are set forth under the caption "Risk Factors" in Idera's
Quarterly Report on Form 10-Q filed on May 12, 2006, which
important factors are incorporated herein by reference. Idera
disclaims any intention or obligation to update any forward-looking
statements.
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