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news.Idera Pharmaceuticals has raised $9.5m through a convertible preferred stock offering.
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Idera chairman and CEO Sudhir Agrawal said they have prioritized key areas for their internal investments following a thorough strategic review of their programs.
"The proceeds of this financing, in combination with our current financial resources, will support Idera’s focused corporate strategy of advancing TLR [toll-like receptor] targeted candidates in our autoimmune and inflammatory disease programs and continuing to invest in our novel GSO [gene-silencing oligonucleotide] discovery platform."
The newly formed investment partnership, Pillar Pharmaceuticals, has bought the securities in the offering.