Baker Bros. Very savy Healthcare fund starts a position in IDRA
Baker Bros. Advisors also started a new position in IDRA of 4.5 MM shares - equivalent to a $7.9 MM investment in the company.
Idera's flagship development program is for a Toll-like receptor (TLR) 7, 8, and 9 antagonist IMO-8400, which is being developed as a treatment for plaque psoriasis. The company released Phase I data for this therapeutic earlier in the year, which showed that the drug was well tolerated by patients at all doses.
TLR receptors target a number of cell-signaling molecules (cytokines) that activate the immune system. The company believes that there is clear potential for indication expansion given that IMO-8400 sees efficacy against psoriasis, since many autoimmune diseases are similar and have overlap with one another in terms of treatment options. Lupus is one of many other serious autoimmune diseases that may be targeted by IMO-8400.
Phase II trial data should be available as early as Q1 2014.
The BB situation is quite interesting. The 4.5 mil shares info is old news at this point as these shares were purchased sometime back in Q1 2013. Also I note that the BBs owned a few hundred thousand shares back in 2012, but seem to have unloaded them in that year, prior to their new acquisition in Q1 mentioned above. So the interesting part will be to see if they added to their 4.5 mil shares in this most recent share offering.