Dallas, Texas 05/28/2014 (FINANCIALSTRENDS) – Idera Pharmaceuticals Inc. (NASDAQ:IDRA), a clinical stage company, recently reported its 1Q14 financial results for the quarter ended March 31, 2014. The company reported net loss of $9.1 million ($0.12 per diluted share), for 1Q14 as compared to a net loss of $4.1 million ($0.15 per diluted share) for the same prior year quarter. The company noted nominal revenues for both 1Q14 and 1Q13.
Idera Pharmaceuticals’ 1Q14 research and development expenses increased to $6.9 million as compared to $2.3 million for 1Q13. General and administrative expenses for 1Q14 increased to $2 million as compared to $1.5 million for 1Q13. The company reported cash and cash equivalents and investments of $70.6 million as at March 31, 2014 as compared to $35.6 million as at December 31, 2013. During 1Q14 the company also announced gross proceeds of $40.1 million from its underwritten public offering in February 2014.
Chief Financial Officer of Idera Pharmaceuticals Inc. (NASDAQ:IDRA), Lou Arcudi mentioned to have ended 1Q14 with a strong financial position, ensuring adequate resources to advance the company’s clinical and pre-clinical programs and meet its near term business objectives.
The Chief Executive Officer of the company, Sudhir Agrawal mentioned that company initiated clinical development for its IMO-8400 and the company looks forward to progress this candidate in clinical trials for its diffuse large B-cell lymphoma and Waldenstrom’s macroglobulinemia indications.
Idera Pharmaceuticals Inc. (NASDAQ:IDRA) also strengthened its management team to better pursue clinical development of its pipeline portfolio. The company announced appointment of Lou Brenner as its SVP and Chief Medical Officer; Kate Haviland as VP for Rare Diseases; Nancy Wyant as VP for Clinical Operations; and Joe Lobacki as GM of Oncology, among others.
Yesterday, the stock of the company gained 3.56% and closed at $2.62. The stock has delivered 37.62% negative returns year to date.