By Devika Patel
Knoxville, Tenn., Aug. 2 - Idera Pharmaceuticals, Inc. said it plans to raise about $15 million in a registered direct offering of units.
The company will sell about 4 million units of one common share and a warrant for 0.40 shares at $3.71 apiece. The whole warrants are exercisable at $3.71 for five years.
Settlement is expected Aug. 5.
Proceeds will be used for general corporate purposes.
Idera, based in Cambridge, Mass., develops targeted immune therapies based on the modulation of Toll-like receptors.
| Issuer: | Idera Pharmaceuticals, Inc.
|
| Issue: | Units of one common share and a warrant for 0.40 shares
|
| Amount: | $15 million (approximate)
|
| Units: | 4 million (approximate)
|
| Price: | $3.71
|
| Warrants: | One warrant for 0.40 shares per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $3.71
|
| Agent: | Rodman & Renshaw, LLC
|
| Pricing date: | Aug. 2
|
| Settlement date: | Aug. 5
|
| Stock symbol: | Nasdaq: IDRA
|
| Stock price: | $3.76 at close Aug. 2
|
| Market capitalization: | $88.31 million
|
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