Date: Mar 14, 2012 Source: bizjournals (
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Idera Pharmaceuticals Inc. (Nasdaq: IDRA) today released fourth quarter and annual results, and provided updates on its pipeline, which it said includes two therapeutic candidates in Phase 2 clinical trials, with two more such trials to start in the second quarter of this year.
"Idera's proprietary drug candidates targeting Toll-like receptors, or TLRs, have advanced to Phase 2 clinical trials in both of our key therapeutic areas of focus: oncology and autoimmune diseases," said Sudhir Agrawal, chairman and CEO of Idera, in a statement. Agrawal said that in second quarter of this year, the company anticipates data from a randomized Phase 2 trial of IMO-2055 in combination with Erbitux in patients with second-line squamous cell carcinoma of the head and neck.
Idera last November regained global rights to the IMO-2055 cancer treatment as a result of terminating its oncology collaboration with Merck KGaA.
Agrawal said the company also expects to initiate a Phase 2 study of IMO-3100 in patients with psoriasis in the second quarter. He added that the company expanded its pipeline in autoimmune diseases with IMO-8400, an antagonist of TLRs 7, 8, and selected lupus as the first disease indication it will target.
As of Dec. 31, 2011, the company's cash, cash equivalents, and investments totaled $24.6 million compared to $34.6 million the previous year.
The net loss for the fourth quarter also ended Dec. 31, 2011, was $9.7 million, or $0.35 per diluted share, compared to net loss of $6 million, or $0.22 per diluted share, for the same period in 2010. Total revenues were $1.1 million for the three months. There was no significant revenue recognized in the fourth quarter of 2011 since the company completed the research portions of its collaborations in 2010. Research and development expenses for the three months totaled $5.7 million compared to $4.9 million for the same period in 2010. General and administrative expenses for the three months totaled $1.5 million compared to $2.2 million for the same period in 2010.
For the full year, the net loss was $28.3 million, or $1.03 per diluted share, compared to net loss $18 million, or $0.71 per diluted share, for 2010. Total revenues for the year $0.1 million compared to $16.1 million for 2010. Research and development expenses for the year totaled $18 million compared to $24.2 million for 2010. General and administrative expenses for the year totaled $7.9 million compared to $9.9 million for 2010.