CAMBRIDGE, Mass. and EXTON, Pa. , Oct. 26, 2017 (GLOBE NEWSWIRE) -- Idera Pharmaceuticals, Inc. (NASDAQ:IDRA) announced the pricing of its underwritten public offering of 33,333,334 shares of its common stock at a public offering price of $1.50 per share. The Company has granted the underwriters a 30-day option to purchase up to an additional 5,000,000 shares of common stock. All of the shares in the offering are to be sold by Idera. The offering is expected to close on or about October 30, 2017, subject to customary closing conditions.

The net proceeds to Idera from this offering are expected to be approximately $46.8 million, after deducting underwriting discounts and commissions and estimated offering expenses. Idera intends to use the net proceeds from this offering, together with existing cash, cash equivalents and investments, to advance the development of IMO-2125 in its immuno-oncology program and for working capital and other general corporate purposes.

J.P. Morgan and Goldman Sachs & Co. LLC are acting as joint bookrunning managers on the transaction. Barclays is also acting as a joint bookrunning manager on the transaction. H.C. Wainwright & Co. is acting as a co-manager on the transaction.

About Idera Pharmaceuticals, Inc.

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 continues to invest in research and development, and is committed to working with investigators and partners who share the common goal of addressing the unmet needs of patients suffering from rare, life-threatening diseases.