Idera pulling in $15M financing
Idera Pharmaceuticals Inc. is raising $15 million in a registered direct offering the Cambridge biotech has made with investors.
The offering includes the sale of about 4 million units, made up of one common stock share and a warrant to buy 40 percent of a common stock share, at $3.71 per unit. The stock shares are also priced at $3.71 per share.
The funds Idera (Nasdaq: IDRA) raises from the offering will be used to support clinical development of its Hepatitis C virus infection treatment, called IMO-2125, currently in two Phase 1 trials, and for its autoimmune and inflammatory disease treatment, IMO-3100, currently in Phase 1 trials. Proceeds will also be directed to further drug development aimed at toll-like receptors, described by Idera as components of the immune system that direct immune system responses.
In February, Idera reported good results from a mouse study of a drug to fight high blood cholesterol and triglyceride levels. Like IMO-215, the drug is a toll-like receptor antagonist compound.