Earnings, Finance

Idera Pharmaceuticals (NASDAQ:IDRA) Reports Loss Of $15.1 Million In 1Q 2017 and Provides Corporate Update

Idera Pharmaceuticals Inc (NASDAQ:IDRA) has reported its financial results for the three months ended March 31, 2017. Idera Pharmaceuticals is a clinical stage biopharmaceutical company mainly engaged in the discovering, developing, marketing and commercializing novel oncology and rare diseases therapeutics based on nucleic acid. The company also issued a number of corporate updates for the same duration.

TheIdera Pharmaceuticals Inc (IDRA) has announced completion of admission in the dose escalation cohorts of the ipilimumab combination in the Phase 1/2 clinical study of its intratumoral IMO-2125 in PD-1 refractory metastatic melanoma. The company reported that no dose-limiting toxicity was reported

IDRA has opened admission of the Phase 2 portion of the clinixcal study of intratumoral IMO-2125 combined with ipilimumab for patients with PD-1 refractory melanoma. The company intends to carry out the evaluation of 12 patients and has already enrolled 9. The company expects to have collected the Overall Response Rate (ORR) data by the first quarter of 2018.

The company has opened discussions with world regulatory authorities in a bid to securing path to registration of its IMO-2125 cobined with ipilimumab in PD-1 refractory metastatic melanoma. Additionally, the company has announced activating the first site for Phase 1 clinical study of intratumoral IMO-2125 monotherapy in multiple tumor types.

IMO-8400 and IMO-2125 are the company’s primary clinical development drug candidates.

On the financial front,IDRA reported $15.1 million or 0.10 per basic and diluted share in net loss for the period ended March 31, 2017. This is compared to a net loss of $12.8 million or $0.11 per basic and diluted share that the company y reported in the same period the previous financial year.

During the quarter, Idera Pharmaceuticals Inc (NASDAQ:IDRA) reported $11.5 million in research and development expenses compared to $9.3 million that was reported during the same period in the last financial year.  General and administrative expenses during the quarter stood at $4.1 million compared to $3.9 million for the three months ended March 31, 2016. The company closed the quarter with $91.3 million in cash, cash equivalents and short term investments.

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