Idera raises $36 million in follow-on

Idera Pharmaceuticals Inc. (NASDAQ:IDRA) raised $36 million in a follow-on underwritten by Piper Jaffray and Cowen. The biotech raised $27.4 million through the sale of 6.8 million shares at $4 and $8.6 million through the sale of "pre-funded" warrants at $3.99 to purchase up to 2.2 million shares. Each warrant is exercisable at $0.01. The pre-funded warrants are being offered in lieu of shares to investors whose purchase of shares would result in a stake exceeding 4.9%. Idera proposed the follow-on late Tuesday, when its share price was $4.20. ...