Idera Pharma Prices Public Offering Of 13.73 Mln Shares At $1.55/shr

(RTTNews) - Idera Pharmaceuticals Inc. (IDRA) announced the pricing of an underwritten public offering of 13.73 million shares of common stock for a public offering price of $1.55 per share, and pre-funded warrants to purchase up to an aggregate of 4.17 million shares of common stock at the per share public offering price for the common stock less the $0.01 per share exercise price for each such pre-funded warrant. The company expects that the gross proceeds to the company from this offering to be approximately $27.7 million, before deducting the underwriting discounts and commissions and other estimated offering expenses payable by the company and excluding the proceeds, if any, from the exercise of the pre-funded warrants. The offering is expected to close on or about September 30, 2013, subject to customary closing conditions.

The company anticipates using the net proceeds from the offering to fund its planned Phase 1/2 clinical trials of IMO-8400 intended to evaluate its use in certain genetically defined forms of B-cell lymphomas, to fund its planned Phase 1 clinical trial of IMO-9200 and for working capital and other general corporate purposes.