Idera Pharmaceuticals Prices Stock Offering

10/7/16

CAMBRIDGE, Mass. and EXTON, Pa., Oct. 07, 2016 (GLOBE NEWSWIRE) -- Idera Pharmaceuticals, Inc. (NASDAQ:IDRA) announced the pricing of an underwritten public offering of 25,000,000 shares of common stock for a public offering price of $2.00 per share. The Company has granted to the underwriters participating in the offering a 30-day option to purchase up to an additional 3,750,000 shares of common stock. All of the shares in the offering are to be sold by Idera. The offering is expected to close on or about October 13, 2016, subject to customary closing conditions.

The gross proceeds to Idera from this offering are expected to be approximately $50.0 million, before underwriting discounts and commissions and offering expenses. Idera intends to use the net proceeds from this offering, together with existing cash, cash equivalents and investments, to advance clinical development of certain of its programs. J.P. Morgan and Goldman, Sachs & Co. are acting as joint bookrunning managers for the offering. Wedbush PacGrow and JMP Securities are acting as co-managers.

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.

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