CAMBRIDGE, Mass.--(BUSINESS WIRE)--Idera Pharmaceuticals, Inc. (AMEX: IDP) today announced that on November 6, 2006 it will sell 781,250 shares of its common stock at a price of $5.12 for total proceeds of $4 million, under the terms of the $9.75 million equity financing vehicle that it entered into with Biotech Shares Ltd. on March 27, 2006. Under the terms of its agreement with Biotech Shares Ltd., the Company provided notice of the drawdown on October 20, 2006. Biotech Shares’ commitment to purchase the shares is supported by a letter of credit confirmed by JPMorgan Chase Bank, NA. The Company has the right to draw down from Biotech Shares an additional $2.25 million through the end of 2006.
