Idera Pharmaceuticals announces financial results for the third quarter of 2009

Idera Pharmaceuticals, Inc. (Nasdaq: IDRA) today reported financial results for the third quarter and nine months ended September 30, 2009.

“We have continued development of our pipeline of drug candidates targeted to Toll-like receptors for potential applications in chronic hepatitis C virus infection and autoimmune diseases, and to support our partnered programs in oncology, respiratory disease, and vaccine adjuvants,” said Sudhir Agrawal, D. Phil., President, Chief Executive Officer and Chief Scientific Officer. “We are pleased to have presented clinical data of IMO-2055 in renal cell cancer and in non-small cell lung cancer. We look forward to presenting data from our ongoing clinical trials of IMO-2125 in HCV patients.”

“With $46.1 million in cash, cash equivalents and investments at the end of the third quarter 2009, we are in a strong financial position to continue advancing our clinical and preclinical programs. Due to the receipt of milestone and other payments from our partnered programs, our cash, cash equivalents and investments have decreased by only $9.5 million for the nine months ended September 30, 2009,” added Lou Arcudi, Chief Financial Officer.

Third Quarter and Nine-Month 2009 Results

The Company reported net income of $24,000 for the three months ended September 30, 2009, compared to a net income of $2.0 million, or $0.08 per diluted share, for the same period in 2008. For the nine-month period, the Company’s net income was $3.6 million, or $0.15 per diluted share, compared to a net income of $1.1 million, or $0.04 per diluted share, for the same period in 2008.

Total revenues for the three months ended September 30, 2009 were $6.5 million compared to $7.5 million for the same period in 2008. For the nine-month period, revenues totaled $24.3 million compared to $20.2 million for the same period in 2008.

Research and development expenses for the three months ended September 30, 2009 totaled $4.3 million compared to $3.6 million for the same period in 2008. For the nine-month period, R&D expenses totaled $14.2 million compared to $11.9 million for the same period in 2008.

General and administrative expenses for the three months ended September 30, 2009 were $2.2 million compared to $2.3 million for the same period in 2008. For the nine-month period, G&A expenses totaled $6.5 million compared to $8.0 million for the same period in 2008.

As of September 30, 2009, cash, cash equivalents and investments totaled $46.1 million compared to $55.6 million at December 31, 2008.