Idera Pharmaceuticals, Inc. has announced the pricing of an underwritten public offering of 6,841,250 shares of common stock for a public offering price of $4.00 per share, and pre-funded warrants to purchase up to an aggregate of 2,158,750 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.
According to the Company, the gross proceeds to Idera from this offering are expected to be approximately $36 million, before deducting the underwriting discounts and commissions and other estimated offering expenses payable by Idera and excluding the proceeds, if any, from the exercise of the pre-funded warrants. The Company has granted to the underwriters participating in the offering a 30-day option to purchase up to an additional 1,026,188 shares of common stock to cover over-allotments, if any. The offering is expected to close on or about February 10, subject to customary closing conditions.
Idera said that it anticipates using the net proceeds from the offering to advance the clinical development of its Toll-like Receptor (TLRs) antagonists in its autoimmune disease and genetically defined B-cell lymphoma programs, to advance the development of its gene silencing oligonucleotides (GSOs) in its GSO program and for working capital and other general corporate purposes.
Piper Jaffray & Co. and Cowen and Company are acting as joint bookrunning managers for the offering.
Idera's proprietary technology involves creating novel nucleic acid therapeutics designed to inhibit over-activation of TLRs.
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