11/12/2012 9:44:57 AM
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Idera Pharmaceuticals, Inc. (Nasdaq: IDRA) today announced it has raised $7.0 million in a private placement financing of convertible preferred stock and warrants. In the offering, the Company issued 424,242 shares of its convertible preferred stock (convertible into 8,484,840 shares of common stock) and warrants to purchase 8,484,840 shares of common stock. Each share of convertible preferred stock is convertible into 20 shares of common stock at a conversion price of $0.70 per share, and the warrants are exercisable at a price of $0.70 per share. The purchase price represents the closing price of Idera’s common stock on Thursday, November 8th, 2012.