Idera Pharmaceuticals Inc. (AMEX: IDP), a biopharmaceutical company
focused on developing therapeutics targeting Toll-like Receptors
(TLR), today reported financial results for the three and nine
months ended September 30, 2006. The Company reported a net loss of
$3.8 million or $0.22 per share for the three months ended
September 30, 2006, compared to a net loss of $2.9 million, or
$0.21 per share for the same period in 2005. For the nine months
ended September 30, 2006, the Company�s net loss was $11.8 million
or $0.74 per share, versus a net loss of $9.8 million, or $0.71 per
share for the same period in 2005. These losses primarily reflect
the Company�s efforts in advancing its clinical drug candidate,
IMO-2055 in cancer, and pre-IND lead candidate, IMO-2125 in
infectious disease. �As we make progress with IMO-2055 in ongoing
clinical studies, we are working with our recently formed Oncology
Clinical Advisory Board to assist us in the design of new clinical
studies combining IMO-2055 with marketed anti-cancer drugs,� said
Sudhir Agrawal, D. Phil, Chief Executive Officer and Chief
Scientific Officer of Idera. Recent Accomplishments: Presentation,
in November 2006, of preclinical data on the Company�s novel
compounds which act as antagonists of immune activation through
TLR7, 8, and 9 and may have a potential role in the treatment of
autoimmune diseases, during the 2006 American College of
Rheumatology Scientific Meeting. Receipt, in November 2006, of $4.0
million of gross proceeds from the sale of 781,250 shares of common
stock at a price of $5.12 per share through a drawdown under a
March 2006 purchase commitment. The Company may sell an additional
$2.3 million of its common stock under the purchase commitment at a
minimum price of $5.12 per share in one remaining drawdown, made at
the Company�s discretion, through the end of 2006. Issuance of two
US patents, US 7,105,495 in September 2006, and US 7,115,579 in
October 2006. Formation, in July 2006, of an Oncology Clinical
Advisory Board to provide knowledge and guidance to further expand
the Company�s clinical programs for its lead oncology drug
candidate, IMO-2055. The Oncology Clinical Advisory Board is
comprised of international leaders representing all areas of cancer
drug research and development. Presentation of a poster, in
September 2006, entitled �Novel TLR9 agonists act by interfering
with EGFR and VEGF signaling and synergize with EGFR inhibitors and
with bevacizumab in wild type and cetuximab-resistant colon cancer
xenografts� (Abstract #409P) at the 31st European Society for
Molecular Oncology Congress and five presentations, in October
2006, on various aspects of the Company�s TLR technology at the
Second Annual Meeting of the Oligonucleotide Therapeutics Society.
Total revenues for the three months ended September 30, 2006 were
$0.6 million compared to $0.5 million for the same period in 2005.
For the nine-month period, revenues totaled $1.8 million compared
to $1.0 million for the same period in 2005. The increase in
revenue is primarily attributable to revenue recognized under the
Company�s collaboration with Novartis. Research and development
expenses for the three months ended September 30, 2006 totaled $3.0
million compared to $2.3 million for the same period in 2005. For
the nine-month period, R&D expenses totaled $9.7 million
compared to $7.2 million for the same period in 2005. The increase
in R&D expense is primarily due to efforts to advance the
Company�s pre-Investigational New Drug, IMO-2125, in infectious
disease. General and administrative expenses for the three months
ended September 30, 2006 were $1.4 million compared to $1.2 million
for the same period in 2005. For the nine-month period, G&A
expenses totaled $4.0 million compared to $3.8 million for the same
period in 2005. As of September 30, 2006, cash, cash equivalents,
and short-term investments totaled approximately $8.1 million. In a
recent SEC filing, the Company also announced it has entered into a
seven-year operating lease agreement for approximately 26,500
square feet of space in Cambridge, MA to house its operations,
commencing May 2007. About Idera Pharmaceuticals, Inc. Idera
Pharmaceuticals is a drug discovery and development company that is
developing drug candidates to treat cancer and infectious,
respiratory, and autoimmune diseases, and for use as vaccine
adjuvants. Idera�s proprietary drug candidates are designed to
modulate TLRs, the body�s first line of immune defense. Idera�s
pioneering DNA chemistry expertise enables it to identify drug
candidates for internal development and creates opportunities for
multiple collaborative alliances. Idera�s most advanced clinical
candidate, IMO-2055, is an agonist of TLR9 and is currently in a
Phase 2 trial in oncology and in a Phase 1/2 chemotherapy
combination trial in oncology. Idera has selected a second TLR9
agonist, IMO-2125, as a lead candidate for treating infectious
diseases. Idera also is collaborating with Novartis for the
discovery, optimization, development, and commercialization of
additional TLR9 agonists for asthma and allergy. 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 such as
the studies referred to in this release 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; whether the patents and patent applications owned
or licensed by Idera will protect the Company�s technology and
prevent others from infringing it; 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 November 13, 2006, which
important factors are incorporated herein by reference. Idera
disclaims any intention or obligation to update any forward-looking
statements. Idera Pharmaceuticals Inc. (AMEX: IDP), a
biopharmaceutical company focused on developing therapeutics
targeting Toll-like Receptors (TLR), today reported financial
results for the three and nine months ended September 30, 2006. The
Company reported a net loss of $3.8 million or $0.22 per share for
the three months ended September 30, 2006, compared to a net loss
of $2.9 million, or $0.21 per share for the same period in 2005.
For the nine months ended September 30, 2006, the Company's net
loss was $11.8 million or $0.74 per share, versus a net loss of
$9.8 million, or $0.71 per share for the same period in 2005. These
losses primarily reflect the Company's efforts in advancing its
clinical drug candidate, IMO-2055 in cancer, and pre-IND lead
candidate, IMO-2125 in infectious disease. "As we make progress
with IMO-2055 in ongoing clinical studies, we are working with our
recently formed Oncology Clinical Advisory Board to assist us in
the design of new clinical studies combining IMO-2055 with marketed
anti-cancer drugs," said Sudhir Agrawal, D. Phil, Chief Executive
Officer and Chief Scientific Officer of Idera. Recent
Accomplishments: -- Presentation, in November 2006, of preclinical
data on the Company's novel compounds which act as antagonists of
immune activation through TLR7, 8, and 9 and may have a potential
role in the treatment of autoimmune diseases, during the 2006
American College of Rheumatology Scientific Meeting. -- Receipt, in
November 2006, of $4.0 million of gross proceeds from the sale of
781,250 shares of common stock at a price of $5.12 per share
through a drawdown under a March 2006 purchase commitment. The
Company may sell an additional $2.3 million of its common stock
under the purchase commitment at a minimum price of $5.12 per share
in one remaining drawdown, made at the Company's discretion,
through the end of 2006. -- Issuance of two US patents, US
7,105,495 in September 2006, and US 7,115,579 in October 2006. --
Formation, in July 2006, of an Oncology Clinical Advisory Board to
provide knowledge and guidance to further expand the Company's
clinical programs for its lead oncology drug candidate, IMO-2055.
The Oncology Clinical Advisory Board is comprised of international
leaders representing all areas of cancer drug research and
development. -- Presentation of a poster, in September 2006,
entitled "Novel TLR9 agonists act by interfering with EGFR and VEGF
signaling and synergize with EGFR inhibitors and with bevacizumab
in wild type and cetuximab-resistant colon cancer xenografts"
(Abstract #409P) at the 31st European Society for Molecular
Oncology Congress and five presentations, in October 2006, on
various aspects of the Company's TLR technology at the Second
Annual Meeting of the Oligonucleotide Therapeutics Society. Total
revenues for the three months ended September 30, 2006 were $0.6
million compared to $0.5 million for the same period in 2005. For
the nine-month period, revenues totaled $1.8 million compared to
$1.0 million for the same period in 2005. The increase in revenue
is primarily attributable to revenue recognized under the Company's
collaboration with Novartis. Research and development expenses for
the three months ended September 30, 2006 totaled $3.0 million
compared to $2.3 million for the same period in 2005. For the
nine-month period, R&D expenses totaled $9.7 million compared
to $7.2 million for the same period in 2005. The increase in
R&D expense is primarily due to efforts to advance the
Company's pre-Investigational New Drug, IMO-2125, in infectious
disease. General and administrative expenses for the three months
ended September 30, 2006 were $1.4 million compared to $1.2 million
for the same period in 2005. For the nine-month period, G&A
expenses totaled $4.0 million compared to $3.8 million for the same
period in 2005. As of September 30, 2006, cash, cash equivalents,
and short-term investments totaled approximately $8.1 million. In a
recent SEC filing, the Company also announced it has entered into a
seven-year operating lease agreement for approximately 26,500
square feet of space in Cambridge, MA to house its operations,
commencing May 2007. About Idera Pharmaceuticals, Inc. Idera
Pharmaceuticals is a drug discovery and development company that is
developing drug candidates to treat cancer and infectious,
respiratory, and autoimmune diseases, and for use as vaccine
adjuvants. Idera's proprietary drug candidates are designed to
modulate TLRs, the body's first line of immune defense. Idera's
pioneering DNA chemistry expertise enables it to identify drug
candidates for internal development and creates opportunities for
multiple collaborative alliances. Idera's most advanced clinical
candidate, IMO-2055, is an agonist of TLR9 and is currently in a
Phase 2 trial in oncology and in a Phase 1/2 chemotherapy
combination trial in oncology. Idera has selected a second TLR9
agonist, IMO-2125, as a lead candidate for treating infectious
diseases. Idera also is collaborating with Novartis for the
discovery, optimization, development, and commercialization of
additional TLR9 agonists for asthma and allergy. 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 such as
the studies referred to in this release 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; whether the patents and patent applications owned
or licensed by Idera will protect the Company's technology and
prevent others from infringing it; 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 November 13, 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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