Idera Pharmaceuticals Completes $7.0 Million Financing

  Idera Pharmaceuticals Completes $7.0 Million Financing

Business Wire

CAMBRIDGE, Mass. -- November 12, 2012

Idera Pharmaceuticals, Inc. (Nasdaq: IDRA) today announced it has raised $7.0
million in a private placement financing of convertible preferred stock and
warrants.

In the offering, the Company issued 424,242 shares of its convertible
preferred stock (convertible into 8,484,840 shares of common stock) and
warrants to purchase 8,484,840 shares of common stock. Each share of
convertible preferred stock is convertible into 20 shares of common stock at a
conversion price of $0.70 per share, and the warrants are exercisable at a
price of $0.70 per share. The purchase price represents the closing price of
Idera’s common stock on Thursday, November 8th, 2012.

Idera intends to use the net proceeds from the transaction for general
corporate purposes, including to fund the continuing advancement of the
Company’s autoimmune disease program.

“We expect that the proceeds of this financing, in combination with our
current financial resources, will allow us to complete our ongoing Phase 2
study of IMO-3100 in patients with psoriasis and to conduct a phase 1 clinical
trial of IMO-8400 in our lupus program,” said Sudhir Agrawal, D.Phil., Chief
Executive Officer, Idera Pharmaceuticals. “We anticipate that we will have
top-line data from some of the endpoints of the Phase 2 study by year end
2012.”

The securities in the offering were sold to Pillar Pharmaceuticals II, L.L.P.,
an investment partnership whose general partner is one of the directors of
Idera. Piper Jaffray & Co. acted as sole placement agent to the company in
connection with the offering.

About Idera Pharmaceuticals, Inc.

Idera Pharmaceuticals applies its proprietary Toll-like receptor (TLR) drug
discovery platform which has created immunomodulatory drug candidates and has
a clinical development program in autoimmune diseases. Additionally, Idera has
a collaboration with Merck & Co. for the use of TLR-targeted candidates as
vaccine adjuvants. The Company is also advancing its gene-silencing
oligonucleotide (GSO) technology for the purpose of inhibiting the expression
of disease-promoting genes. For more information, visit
http://www.iderapharma.com.

Idera 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 Idera’s cash resources will be sufficient to fund the
Company’s continuing operations and the further development of the Company’s
autoimmune disease program.; whether results obtained in preclinical studies
and early clinical trials, will be indicative of results obtained in future
clinical trials; 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, if the Company's products
receive approval, they will be successfully distributed and marketed; whether
the Company will be able to license any of its TLR target candidates on a
timely basis or at all; whether the Company's collaboration with Merck & Co,
Inc., will be successful; whether the patents and patent applications owned or
licensed by the Company 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 for
the quarter ended September 30, 2012 which important factors are incorporated
herein by reference. Idera disclaims any intention or obligation to update any
forward-looking statements.

Contact:

Idera Pharmaceuticals, Inc.
Lou Arcudi, 617-679-5517
larcudi@iderapharma.com
 
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