IDRA - Idera Pharmaceuticals receives $5M in additional proceeds from private placement

Idera Pharmaceuticals (IDRA) closed a second tranche under its Apr. 7, 2020, securities purchase agreement leading to total proceeds of up to $20.7M in common stock and warrant investment by funds affiliated with an institutional investor.Post the purchase agreement, Idera sold 2.75M shares under the second tranche along with warrants to purchase 1.37M shares for gross proceeds of $5M.This will provide the company a potential cash runway to help make tilsotolimod, if approved, available to those patients.Tilsotolimod is the most advanced TLR9 agonist therapy in development, to address the unmet medical need for patients living with anti-PD-1 refractory advanced melanoma and other difficult to treat tumor types.Cash proceeds of $10M will be used to fund the completion of the ongoing ILLUMINATE-301 clinical trial and potential NDA filing of its lead product, tilsotolimod.Subsequent proceeds of $10.7M (if associated warrants are exercised) will be used to fund the potential commercial launch of

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Idera Pharmaceuticals receives $5M in additional proceeds from private placement