Idera Pharmaceuticals Reports First Quarter 2009 Financial Results
“We currently have three novel agonists targeted to Toll-like Receptors
in clinical development for different indications, two of which are
being advanced and funded by our collaborators,” said
“We ended the first quarter with
First Quarter Results
The Company reported a net loss of
Total revenues for the three months ended
Research and development expenses totaled
General and administrative expenses for the three months ended
As of
Development Program Highlights
IMO-2055
IMO-2055, a synthetic DNA-based Toll-like Receptor 9 (TLR9) agonist, is
a lead drug candidate for the treatment of cancer. In
- IMO-2055 in combination with Tarceva® and Avastin® in patients with non-small cell lung cancer
- IMO-2055 in combination with Erbitux® and Camptosar® in patients with colorectal cancer
Under this collaboration,
IMO-2125
IMO-2125, a synthetic DNA-based TLR9 agonist, is a lead drug candidate for the treatment of infectious diseases, with an initial focus on chronic hepatitis C virus (HCV) infection. In preclinical models, IMO-2125 was shown to induce high levels of natural interferon and other antiviral proteins. The Company expects interim results from an ongoing Phase 1 clinical trial of IMO-2125 in patients with chronic HCV infection who have not responded to current standard of care therapy to be available in late 2009. In addition, the Company is preparing to conduct a clinical trial to assess the safety of IMO-2125 in combination with ribavirin in patients with chronic HCV infection who have not received prior treatment, also referred to as treatment-naïve patients.
QAX935 (IMO-2134)
QAX935 (IMO-2134) is a novel TLR9 agonist exclusively licensed by the
Company to
IMO-3100
IMO-3100 is a dual TLR7 and TLR9 antagonist and the Company’s lead drug
candidate for autoimmune and inflammatory diseases. The Company has
identified DNA-based compounds that act as antagonists of TLR7 and TLR9
and has evaluated these compounds in preclinical mouse models of lupus,
rheumatoid arthritis, multiple sclerosis, psoriasis and colitis. The
Company is currently conducting preclinical development studies of
IMO-3100 in anticipation of submitting an Investigational New Drug (IND)
application to the
TLR7, 8 and 9 agonists as vaccine adjuvants
In
TLR7 and TLR8 agonists
The Company has designed and created RNA-based compounds that act as agonists of TLR7 and/or TLR8. In preclinical studies, these TLR7 and/or TLR8 agonists induced immune responses that the Company believes may be applicable to the treatment of cancer and infectious diseases.
Scientific Highlights
Data Presentations
During the 2009 Annual Meeting of the
- Abstract 5067 entitled “Antitumor activity of a novel dual agonist of TLR7 and TLR8 in a preclinical model of 3LL-C75 lung carcinoma in wild type, TLR7-/-, TLR9-/-, and MyD88-/- mice” was presented by Idera scientists.
- Abstract 5068 entitled “Antitumor activity of a dual agonist of TLR7 and TLR8 in combination with bevacizumab in preclinical models of human non-small cell lung and colon cancers” was presented by Idera scientists.
-
Abstract 2778 entitled “Toll-like receptor 9 (TLR9) interacts with
ErbB receptors at membrane level and a TLR9 agonist synergizes with
trastuzumab in trastuzumab-resistant breast cancer xenografts via
modulation of ErbB signaling” was presented by researchers from the
University of Naples, Italy , in collaboration with Idera scientists.
Intellectual Property
Presently, the Company holds over 260 issued patents and pending patent applications world-wide, which cover novel agonists and antagonists of TLR7, 8 and 9. The following patents were recently issued:
-
US 7,517,862, entitled “Modulation of
Immunostimulatory Properties of Oligonucleotide-based Compounds by Optimal Presentation of 5’ Ends” - US 7,498,426, entitled “Immunostimulatory Oligonucleotide Multimers”
- US 7,498,425, entitled “Immunostimulatory Oligonucleotide Multimers”
- US 7,470,674, entitled “Immunostimulatory Properties of Oligonucleotide-based Compounds Comprising Modified Immunostimulatory Dinucleotides”
- IN 228424, entitled “Synergistic Stimulation of the Immune System Using Immunostimulatory Oligonucleotides and/or Immunomer Compositions in Conjunction with Cytokines and/or Chemotherapeutic Agents or Radiation Therapy”
- KR 10-0875003, entitled “Modulation of Oligonucleotide CpG-mediated Immune Stimulation by Positional Modification of Nucleosides”
About
Idera Forward Looking Statements
This press release contains forward-looking statements concerning
Tarceva is a registered trademark of
Idera Pharmaceuticals, Inc. |
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Condensed Statements of Operations |
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(In thousands, except per share data) |
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Three Months Ended | ||||||||
March 31, | ||||||||
2009 | 2008 | |||||||
Alliance Revenue | $ | 6,303 | $ | 4,783 | ||||
Operating Expenses | ||||||||
Research & Development | 4,478 | 4,534 | ||||||
General & Administrative | 2,148 | 2,427 | ||||||
Total Operating Expenses | 6,626 | 6,961 | ||||||
Loss from Operations | (323 | ) | (2,178 | ) | ||||
Other, net | 71 | 57 | ||||||
Loss before Income Taxes | (252 | ) | (2,121 | ) | ||||
Income Tax Provision | - | (50 | ) | |||||
Net Loss | $ | (252 | ) | $ | (2,171 | ) | ||
Basic and Diluted Net Loss Per Common Share | $ | (0.01 | ) | $ | (0.10 | ) | ||
Shares Used In Computing Basic and Diluted Net Loss Per Common Share | 23,379 | 21,899 |
Idera Pharmaceuticals, Inc. |
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Condensed Balance Sheet Data |
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(In thousands) |
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March 31, | December 31, | |||||
2009 | 2008 | |||||
Cash, Cash Equivalents | ||||||
And Investments | $ | 50,326 | $ | 55,606 | ||
Other Assets | 4,082 | 3,794 | ||||
Total Assets | $ | 54,408 | $ | 59,400 | ||
Accounts Payable and Accrued Liabilities | $ | 2,879 | $ | 2,773 | ||
Deferred Revenue | 28,804 | 34,460 | ||||
Stockholders' Equity | 22,725 | 22,167 | ||||
Total Liabilities & | ||||||
Stockholders' Equity | $ | 54,408 | $ | 59,400 |
Source:
Idera Pharmaceuticals, Inc.
Kelly Luethje, 617-679-5519
kluethje@iderapharma.com
or
MacDougall
Biomedical Communications
Chris Erdman, 781-235-3060
cerdman@macbiocom.com