Dallas, Texas 02/12/2014 (FINANCIALSTRENDS) – The $223 million market capped bio tech firm Idera Pharmaceuticals Inc (NASDAQ:IDRA) announced on 10th February that it was closing the public offer of 7.86 million shares of common stock. The offer price was set at $4 per share. The public offer also included sale of pre-funded warrants adding up to 2.15 million shares of common stock which are priced at $3.99. The bio tech firm has also set aside 1.02 shares of common stock as an open option that the underwriting firm can exercise in the event of over allotment.
From this fund raising exercise, a total of $40 million is expected to be raised by Idera Pharmaceuticals Inc (NASDAQ:IDRA) which it expects to spend on furthering its development program of its nucleic acid based drug. “Piper Jaffray & Co. and Cowen and Company, LLC” had been appointed as the book running managers for this exercise.
Idera Pharmaceuticals Inc (NASDAQ:IDRA) has developed patented drug which is based on the therapeutic effects of nucleic acid and is intended to work as a controlling factor in “Toll-like Receptors” which are seen in patients suffering from auto immune diseases. In fact on 22nd January, the drug maker had announced positive results from its clinical trials around using its patented drug candidate for treating ailments like psoriasis.
At that time of study update, Idera Pharmaceuticals Inc (NASDAQ:IDRA), Vice President of Clinical Development Robert D. Arbeit, M.D has been quoted to have said that, “These data provide further insight into the mechanisms underlying the therapeutic effect which we have reported previously in our TLR antagonist clinical program in psoriasis. Currently, we are conducting a Phase 2 clinical trial of IMO-8400, an antagonist of TLRs 7, 8, and 9, for the treatment of patients with moderate-to-severe plaque psoriasis and plan to initiate clinical development in selected orphan autoimmune indications.”