CAMBRIDGE, Mass.--(BUSINESS WIRE)--Jun. 12, 2012--
Idera Pharmaceuticals, Inc. (Nasdaq: IDRA) today announced that it has
received notice from the Nasdaq Listing Qualifications staff of the
Nasdaq Stock Market that Idera is not in compliance with the minimum
market value requirement for continued listing on The Nasdaq Global
Market (the “MVLS requirement”) because the aggregate market value of
Idera’s common stock was below $50 million for 30 consecutive business
days (pursuant to Listing Rule 5450(b)(2)(A)).
The notification has no impact at this time on the listing of Idera's
common stock on The Nasdaq Stock Market and Idera's common stock will
continue to trade on The Nasdaq Global Market under the symbol "IDRA".
The Company has been provided a period of 180 calendar days, or until
December 4, 2012, to regain compliance with the MVLS requirement. Idera
can regain compliance if the aggregate market value of Idera’s common
stock closes at $50 million or higher for a minimum of 10 consecutive
business days at any time prior to December 4, 2012.
The Nasdaq Stock Market has advised the Company that, if the Company
does not regain compliance by December 4, 2012, Nasdaq will provide
written notification to Idera that its common stock is subject to
delisting from the Nasdaq Global Market. Prior to December 4, 2012, the
Company may apply to transfer the listing of its common stock to The
Nasdaq Capital Market, provided it satisfies the requirements for
continued listing on that market.
About Idera Pharmaceuticals, Inc.
Idera Pharmaceuticals applies its proprietary Toll-like receptor (TLR)
drug discovery platform to create immunomodulatory drug candidates and
has clinical development programs in autoimmune diseases and cancer.
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.
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 we will
be able to regain compliance with the MVLS requirement or the minimum
stockholders’ equity requirement on a timely basis or continue to
satisfy other listing requirements of the Nasdaq Stock Market; whether
results obtained in preclinical studies or 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 IMO-2055 or any of its other
compounds for further development 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; whether Idera's cash resources will be sufficient to fund
the Company's operations; 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 three months ended March 31, 2012 which important
factors are incorporated herein by reference. Idera disclaims any
intention or obligation to update any forward-looking statements.
Source: Idera Pharmaceuticals, Inc.
Idera Pharmaceuticals, Inc.
Lou Arcudi, 617-679-5517
larcudi@iderapharma.com
