Shares of Idera Pharmaceuticals Inc (NASDAQ:IDRA) ended Friday session in green amid volatile trading. The shares closed up +0.10 points or 6.54% at $1.63 with 765,102.00 shares getting traded. Post opening the session at $1.53, the shares hit an intraday low of $1.52 and an intraday high of $1.63 and the price vacillated in this range throughout the day. The company has a market cap of $210.66 million and the numbers of outstanding shares have been calculated to be 121.31 million shares.
Idera Pharmaceuticals Inc (IDRA) on May 9, 2016 reported its financial and operational results for the first quarter ended March 31, 2016.
“Idera continued to make strong progress across all of our areas of focus during the first period of 2016,” stated Vincent Milano, Idera’s Chief Executive Officer. “Our clinical development teams have transformed our programs into executable registration strategies and the research group continues to advance the 3GA platform to put us into position to enter human proof of concept trials in 2017.”
Financial Results
First Quarter 2016 Results
Net loss for the three months ended March 31, 2016 was $12.8 million, or $0.11 per basic and diluted share, compared to a net loss of $12.5 million, or $0.12 per basic and diluted share, for the same period in 2015. There was nominal revenue recognized in each of the first quarters of 2016 and 2015. Research and development expenses for the three months ended March 31, 2016 totaled $9.3 million compared to $8.7 million for the same period in 2015. General and administrative expense for the three months ended March 31, 2016 totaled $3.9 million compared to $3.8 million for the same period in 2015.
As of March 31, 2016, Idera’s cash, cash equivalents and investments totaled $74.1 million compared to $87.2 million as of December 31, 2015. The company expects the current cash position and investments to fund its operations into the third quarter of 2017.
Shares of Sequenom, Inc. (NASDAQ:SQNM) ended Friday session in red amid volatile trading. The shares closed down -0.014 points or -1.50% at $0.900 with 822,204.00 shares getting traded. Post opening the session at $0.92, the shares hit an intraday low of $0.86 and an intraday high of $0.95 and the price vacillated in this range throughout the day. The company has a market cap of $105.69 million and the numbers of outstanding shares have been calculated to be 119.22 million shares.
Sequenom, Inc. (SQNM) on May 4, 2016 reported total revenues of $27.6 million, total accessioned units of 46,400, and a net loss of $13.4 million, or $0.11 per basic and diluted share, for the first quarter of 2016.
“During the quarter, we executed on a number of key initiatives designed to return Sequenom to sustainable growth, resulting in quarter over quarter growth in our unit volume,” said Dirk van den Boom, Ph.D., President and CEO of Sequenom. “Overall, we made meaningful progress toward achieving our goal of becoming financially self-sustaining while solidifying our position as a leader in reproductive health.”
First Quarter 2016 Results
First quarter 2016 revenues of $27.6 million declined 27% from $37.8 million in the first quarter of 2015. Revenues and unit volumes in the first quarter of 2016 were lower than the first quarter of 2015, primarily reflecting the conversion of certain laboratory customers to licensee status under the Pooled Patents Agreement, and a smaller amount available to collect during the first quarter of 2016 for testing services performed in prior periods. This latter factor reflects the improvement in the timeliness of Sequenom Laboratories collections as a result of additional payor contracts. These changes resulted in approximately $10 million in net revenue reduction for the first quarter of 2016 compared to the first quarter of 2015.