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news.Idera Pharmaceuticals, a biotechnology company, has reported a net income of $364,000, or $0.01 per diluted share, for the fourth quarter ended December 31, 2008, compared to a net loss of $4.5 million, or $0.21 per diluted share, for the same period in 2007.
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Total revenues for the three months ended December 31, 2008 were $6.2 million, compared to $2.2 million for the fourth quarter of 2007.
Net income for the year ended December 31, 2008 was $1.5 million, or $0.06 per diluted share, compared to a net loss of $13.2 million, or $0.62 per diluted share, for 2007. Total revenues for the year ended December 31, 2008 were $26.4 million, compared to $7.98 million for 2007. The increase in revenue in 2008 primarily reflects license fee revenue recognized under the company’s collaboration with Merck KGaA.
Lou Arcudi, CFO of Idera Pharmaceuticals, said: “We ended 2008 with approximately $55.6 million in cash and investments, as compared to $23.7 million at the end of 2007, and our revenue increased to $26.4 million in 2008 compared to $8 million in 2007. With net cash used in operations totaling $18.4 million in 2008, we have prudently managed our cash and are in a sound financial position to continue the advancement of our drug candidate pipeline during these tough economic times.”