Shares of Idera Pharmaceuticals Inc (NASDAQ:IDRA) ended Monday session in red amid volatile trading. The shares closed down -0.10 points or 3.62% at $2.66 with 6.33 million shares getting traded. Post opening the session at $2.82, the shares hit an intraday low of $2.60 and an intraday high of $3.33 and the price vacillated in this range throughout the day. The company has a market cap of $319.40 million and the numbers of outstanding shares have been calculated to be 121.38 million shares.
On September 26, 2016 dera Pharmaceuticals, Inc. (IDRA), a clinical-stage biopharmaceutical company developing Toll-like receptor and RNA therapeutics for patients with cancer and rare diseases, is reporting initial clinical data from its ongoing Phase 1/2 clinical trial of intra-tumoral IMO-2125, a Toll-like receptor (TLR) 9 agonist. In this arm of the Phase 1 portion of the trial, IMO-2125 is being evaluated in combination with ipilimumab for treatment of patients with metastatic melanoma who have failed prior PD-1 therapy. These early results indicate that IMO-2125 is demonstrating promising clinical activity and is being well tolerated in a patient population with minimal options and low expectation of clinical response with ipilimumab treatment alone. Further clinical information from the ongoing dose escalation portion of the trial, as well as detailed information on the translational results, will be presented during an oral session at the 2016 Society for Immunotherapy of Cancer Annual Meeting beginning November 9th in Maryland.
“We have completed extensive pre-clinical work in a broad scope of tumor types to test the hypothesis of intra-tumoral administration of IMO-2125 inducing a meaningful effect on the tumor microenvironment and potentiating local and systemic tumor regression in patients. This work gave us confidence to test the ability of IMO-2125, beginning with this current study in PD-1 refractory metastatic melanoma patients,” stated Vincent Milano, Idera`s Chief Executive Officer.
“We are energized by the early results from this ongoing trial and have been solidifying our plans to accelerate the program as we believe there is a clear path to bring IMO-2125 to melanoma patients who have not benefited from checkpoint inhibition alone and open an opportunity to establish IMO-2125 as the agent of choice to activate the tumor microenvironment and potentially improve outcomes for patients,” Milano added. “Following a full strategic review, we have decided to prioritize the IMO-2125 program and explore strategic options for IMO-8400 in B-cell lymphoma.”
Shares of Immune Pharmaceuticals Inc (NASDAQ:IMNP) ended Monday session in green amid volatile trading. The shares closed up +0.012 points or 4.25% at $0.292 with 6.26 million shares getting traded. Post opening the session at $0.30, the shares hit an intraday low of $0.28 and an intraday high of $0.30 and the price vacillated in this range throughout the day. The company has a market cap of $29.89 million and the numbers of outstanding shares have been calculated to be 101.58 million shares.
Immune Pharmaceuticals Inc (IMNP) on Sept. 16, 2016 announced that the Board of Directors has approved to designate Maxim Pharmaceuticals Inc. (“Maxim”), one of the Company’s existing subsidiaries, as the dedicated entity to develop and commercialize, and hold the intellectual property related to, AmiKet® and other related pain and neurology assets. In addition, the Company has entered into a binding agreement with NPT (the “Binding Agreement”), a syndicate of experienced healthcare investors, pursuant to which NPT or its designees have agreed to purchase up to $20 million of the capital stock of Maxim, with an initial funding of $5 million to occur within thirty days. Previously, the Company entered into an option agreement with NPT, dated May 15, 2016, as amended on July 18, 2016. Pursuant to the Binding Agreement, immediately following the $5 million initial funding by NPT, Immune will expand the Board of Directors of Maxim, to five members which will include one NPT representative, and a newly hired Chief Executive Officer of Maxim.