IDRA - Idera Pharma slips ahead of reverse stock split

• Rare-disease-focused nano-cap biotech Idera Pharmaceuticals ( NASDAQ: IDRA ) fell ~22% on Tuesday after the company said that a 1-for-17 reverse stock split of its common stock would take effect when the market opens on January 18, 2023.
• Concurrently, Exton, Pennsylvania-based Idera ( IDRA ) announced that it would change its name to Aceragen, Inc. and its ticker symbol to “ACGN,” which will also take effect tomorrow at the market open.
• “We believe this transition strengthens our portfolio of late-stage clinical assets in cystic fibrosis and Farber disease and aligns with our goal of delivering important therapies for people living with rare diseases,” Aceragen’s Chief Executive John Taylor remarked.
• Idera ( IDRA ) said that the company would regain compliance with Nasdaq listing standards due to these changes.
• The reverse stock split follows the company’s decision to convert the Series Z preferred shares linked to the previously announced Aceragen merger deal into common stock.

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