“Tilsotolimod is the most advanced TLR-9 agonist therapy in development, and we are eagerly anticipating objective response rate and other important data from ILLUMINATE-301, our pivotal registration trial in anti-PD-1 refractory advanced melanoma, later this month,” stated
- The Company closed a second tranche under its
April 7, 2020securities purchase agreement for additional aggregate gross proceeds of $5.0 million. With this tranche, the Company has received $25.2 millionin proceeds from three financings since December 2019, with anticipated further proceeds of up to $113.2 millionto fund the potential NDA filing and commercial launch of tilsotolimod.
- The Company appointed
Daniel Solandas Senior Vice President and Chief Operating Officer as of January 4, 2021. Mr. Solandis responsible for the Company’s commercial strategy and manufacturing. R. Clayton Fletcher, Senior Vice President of Business Development and Strategic Planning, retired from the Company as of December 31, 2020. Mr. Fletcherremains engaged with the Company as a consultant, continuing to lead its business development activities.
ILLUMINATE (tilsotolimod) Clinical Development Updates
ILLUMINATE-301: Randomized phase 3 trial of tilsotolimod in combination with ipilimumab versus ipilimumab alone in patients with anti-PD-1 refractory advanced melanoma:
- Primary endpoint family of objective response rate (ORR) by blinded independent central review using RECIST v1.1 and overall survival (OS);
- Trial initiated in
- Enrollment completed in
March 2020; and
- ORR and other preliminary data expected in the first quarter of 2021.
ILLUMINATE-206: Phase 2, open-label, multicohort, multicenter study to test the safety and effectiveness of tilsotolimod in combination with ipilimumab and nivolumab for the treatment of solid tumors:
- Trial initiated in
September 2019with the microsatellite stable colorectal cancer (MSS-CRC) cohort;
- Initial safety run-in of 10 patients, which included ipilimumab at 1 mg/kg every 8 weeks and nivolumab at 3 mg/kg every 2 weeks, showed that the regimen was generally well tolerated;
- Changes in the study design intended to improve potential outcomes in this patient population include increasing ipilimumab dosing frequency to every 3 weeks and limiting the number of allowed prior lines of treatment to 2; and
- The Company has opened enrollment for the next 10 patients under the modified study design, with data anticipated in the third quarter of 2021.
Fourth Quarter Financial Results
Research and development expenses for the three months ended
As a result of the factors above, net loss applicable to common stockholders for the three months ended
Full Year Results
Research and development expenses for the year ended
As a result of the factors above, net loss applicable to common stockholders for the year ended
Harnessing the approach of the earliest researchers in immunotherapy and the Company’s vast experience in developing proprietary immunology platforms, Idera’s lead development program is focused on priming the immune system to play a more powerful role in fighting cancer, ultimately increasing the number of people who can benefit from immunotherapy. Idera also continues to focus on the acquisition, development and ultimate commercialization of drug candidates for both oncology and rare disease indications characterized by small, well-defined patient populations with serious unmet needs. To learn more about Idera, visit IderaPharma.com.
This press release contains forward-looking statements within the meaning of the safe harbor of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. All statements, other than statements of historical fact, included or incorporated in this press release, including statements regarding the Company’s strategy, financial position, funding for continued operations, and clinical trials, including the enrollment, timing, and future results thereof, are forward-looking statements. The words “believes,” “anticipates,” “estimates,” “plans,” “expects,” “intends,” “may,” “could,” “should,” “potential,” “likely,” “projects,” “continue,” “will,” “schedule,” and “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are predictions based on the Company’s current expectations and projections about future events and various assumptions. Idera cannot guarantee that it will actually achieve the plans, intentions or expectations disclosed in its forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties, and other factors, which may be beyond Idera’s control, and which may cause the actual results, performance, or achievements of the Company to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements. There are a number of important factors that could cause Idera’s actual results to differ materially from those indicated or implied by its forward-looking statements including, without limitation: whether the Company’s cash resources will be sufficient to fund the Company’s continuing operations and the further development of the Company’s programs; whether interim results from a clinical trial will be predictive of the final results of the trial; whether results obtained in preclinical studies and clinical trials will be indicative of the results that will be generated in future clinical trials, including in clinical trials in different disease indications; whether products based on Idera’s technology will advance into or through the clinical trial process when anticipated or at all or warrant submission for regulatory approval; whether such products will receive approval from the FDA or equivalent foreign regulatory agencies; whether, if the Company’s products receive approval, they will be successfully distributed and marketed; whether the Company's collaborations will be successful; and the impact of public health crises, including the novel coronavirus (COVID-19) global pandemic. All forward-looking statements included in this release are made as of the date hereof, and are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in the Company’s Annual Report on Form 10-K for the year ended
Statements of Operations
(In thousands, except per share data)
|Three Months Ended||Twelve Months Ended|
|Research and development||5,117||8,368||24,772||34,853|
|General and administrative||2,923||3,420||11,915||12,481|
|Total operating expenses||8,040||11,788||36,687||47,515|
|Loss from operations||(8,040||)||(11,788||)||(36,687||)||(46,067||)|
|Other income (expense)|
|Warrant revaluation loss||(3,247||)||(598||)||(3,742||)||(598||)|
|Future tranche right revaluation loss||(65,379||)||(10,964||)||(72,367||)||(10,964||)|
|Other income (expense), net||(35||)||118||134||1,114|
|Deemed dividend related to
|Net loss attributable to common stockholders||$||(76,701||)||$||(51,275||)||$||(112,662||)||$||(84,558||)|
|Net loss per common share applicable to common stockholders basic and diluted||$||(2.11||)||$||(1.76||)||$||(3.33||)||$||(2.96||)|
|Weighted-average number of common shares used in computing net loss per share applicable to common stockholders basic and diluted||36,271||29,177||33,821||28,545|
Balance Sheet Data
|Cash, cash equivalents and short-term investments||$||37,728||$||42,793|
|Total stockholders’ deficit||(91,172||)||(11,168||)|
|Total liabilities and stockholders’ deficit||$||42,399||$||47,489|
Idera Pharmaceuticals Contacts:
Jill ConwellInvestor Relations & Corporate Communications Phone (484) 348-1675 JConwell@IderaPharma.com John J. KirbyChief Financial Officer Phone (484) 348-1627 JKirby@IderaPharma.com
Source: Idera Pharmaceuticals, Inc.