BioCentury
ARTICLE | Financial News

Idera raises $27.7 million in follow on

September 26, 2013 1:11 AM UTC

Idera Pharmaceuticals Inc. (NASDAQ:IDRA) raised $27.7 million in a follow-on underwritten by Piper Jaffray. The biotech raised $21.3 million through the sale of 13.7 million shares at $1.55 per share and $6.4 million through the sale of "pre-funded" warrants to purchase up to 4.2 million shares at $1.54 per warrant. Each warrant is exercisable at $0.01. Pre-funded warrants are offered in lieu of shares to investors whose purchase of shares would result in a stake exceeding 9.9%. Idera proposed the follow-on late Tuesday, when its share price was $1.64. The company was up $0.15 to $1.79 on Wednesday. ...