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 The company's shares rose as much as 22 percent in
early trading on the Nasdaq on Friday.
Idera said the drug, codenamed IMO-8400, reduced the severity of
skin lesions in patients with plaque psoriasis, compared with a
placebo.
The drug reduced the severity of lesions by 50 percent in nine of 20
patients and by 75 percent in four patients in the 32-patient study,
the company said.
Idera said data from the study would support the drug's development
as a treatment for rare autoimmune diseases and B-cell lymphoma, a
type of blood cancer, with certain genetic mutations.
The data provides some validation of the drug's mechanism both for
future B-cell lymphoma studies and for the potential of Idera's
other drug, IMO-9200, Piper Jaffray analyst Edward Tenthoff wrote in
a note.
The drug is being tested on patients with Waldenstrom's
macroglobulinemia, a rare form of B-cell lymphoma, and diffuse large
B-cell lymphoma.
Idera had earlier said it expected to start a study of IMO-9200 as a
treatment for autoimmune diseases in the second half of this year.
The drug, which has a mechanism similar to that of IMO-8400, is yet
to be tested on humans.
Cowen and Co analyst Simos Simeonidis said IMO-8400, if approved for
the two forms of B-cell lymphoma, could have peak sales of $1.1
billion in 2031.
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The mid-stage trial of IMO-8400 tested three doses of the drug in
patients with moderate-to-severe plaque psoriasis.
No treatment-related discontinuations or severe adverse events were
reported in the study, the Cambridge, Massachusetts-based company
said.
The drug works by inhibiting a type of protein that plays a role in
worsening autoimmune diseases and B-cell lymphoma.
Idera's shares were up 13 percent at $4.39 in late morning trading.
The stock jumped as much as 40 percent before the bell.
(Reporting by Vrinda Manocha in Bangalore;
editing by Kirti Pandey)
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