EXTON, Pa., Aug. 08, 2019 (GLOBE NEWSWIRE) -- Idera Pharmaceuticals, Inc. (NASDAQ: IDRA), a clinical-stage biopharmaceutical company focused on the development, and ultimately the commercialization, of therapeutic drug candidates for both oncology and rare disease indications, today reported its operational and financial results for the second quarter ended June 30, 2019.

“Our team has demonstrated remarkable focus on execution during the first half of this year. We have made significant progress developing tilsotolimod and advancing it forward for patients facing the challenges of late-stage, anti-PD-1 refractory metastatic melanoma,” stated Vincent Milano, Idera’s Chief Executive Officer. “Our accrual rate in the registrational ILLUMINATE-301 trial has exceeded our expectations, which is reflective of the high unmet need in this patient population.”

Milano continued, “Additionally, we are providing data from the ILLUMINATE-204 trial, which we believe is informative as to the probability of success in the registrational trial. We also are advancing toward initiation of our first combination therapy trial in areas beyond melanoma, ILLUMINATE-206, which we expect will provide additional opportunities and milestones for data updates next year.”

ILLUMINATE (tilsotolimod) Clinical Development

ILLUMINATE 301 – Randomized phase 3 trial of tilsotolimod in combination with ipilimumab versus ipilimumab alone in patients with anti-PD-1 refractory metastatic melanoma:

• Overall Response Rate (ORR) and Overall Survival (OS) as family of primary endpoints;
• Trial initiated in the first quarter of 2018;
• Sites active in 11 countries: Approximately 100 sites participating.

Based on feedback from the ILLUMINATE-301 steering committee and global melanoma and immunology experts, we have elected to make the following modifications to the ILLUMINATE 301 trial design:

• Median OS improvement over ipilimumab alone of greater than or equal to 4.6 months from prior delta of improvement of 6.6 months;
• ORR improvement of 10 percentage points over ipilimumab alone from prior delta of improvement of 20 percentage points;
• Target effect size/hazard ratio adjusted to 0.71 from 0.63; resulting in a planned enrollment of approximately 450 patients from 308, of which 294 are currently enrolled; and
• Targeting completion of enrollment during the first half of 2020.

We along with our collaboration partner, BMS, have amended the prior Clinical Trial Collaboration and Supply Agreement to accommodate the increase in supply of ipilimumab for the ILLUMINATE-301 trial.

Additionally, we have solicited feedback from the U.S. Food and Drug Administration and they do not object to these changes. We also have solicited feedback from other global health authorities related to these changes.

ILLUMINATE 204 – Phase 1/2 trial of tilsotolimod in combination with ipilimumab or pembrolizumab in patients with PD-1 refractory metastatic melanoma:

• Completed enrollment with 52 patients at tilsotolimod 8 mg with ipilimumab in February 2019;
• Data as of August 5, 2019 on endpoints:
  • 27% ORR (n=13) of the 49 patients evaluable for efficacy; 74% (36) achieving disease control (best response of CR, PR or Stable Disease (SD));
  • Durable responses (>6 mos.) observed in 8 of 13 responders;
  • Median OS has not yet been reached (min/max: 1.6 mos. – 35 mos.);
• The safety profile observed in this analysis was consistent with previously reported results, with no emergence of new safety signals;
• 43% (n=21) of patients enrolled into trial presented at baseline with Eastern Cooperative Oncology Group (ECOG) performance status 2; and
• Final results from the ILLUMINATE 204 trial are expected to be submitted for an abstract at a medical conference during the first half of 2020.

ILLUMINATE 206 – Phase 2, multi-center trial to test the safety and effectiveness of tilsotolimod in combination with ipilimumab and nivolumab in treating patients with Squamous Cell Carcinoma of the Head and Neck (SCCHN) and Microsatellite Stable Colorectal Cancer (MSS-CRC).

• On March 11, 2019, we entered into a second clinical trial collaboration with BMS in which BMS has agreed to manufacture and supply YERVOY (ipilimumab) and OPDIVO (nivolumab) for no charge for use in ILLUMINATE-206;
• Trial expected to initiate in the third quarter of 2019 beginning with the MSS-CRC cohort.

ILLUMINATE 101 – Phase 1b trial of tilsotolimod monotherapy in patients with refractory solid tumors:

• Completed enrollment in all dose cohorts of the trial;
• Initial data presented at American Academy for Cancer Research (AACR) 2019 conference;
  • Of 29 evaluable patients, 13 (45%) had a RECIST v1.1 disease assessment of stable disease (SD), with a disease control rate of 45%;
  • One patient with uterine leiomyosarcoma has been on tilsotolimod treatment for more than a year with durable stable disease and is continuing under a treatment investigational new drug;
• One patient in the melanoma cohort achieved an unconfirmed RECIST v.1.1 partial response (PR) with 35% tumor shrinkage in the target lesion; and
• Abstract submission accepted for poster presentation at the European Society for Medical Oncology 2019 Conference being held in Barcelona, Spain in September 2019.

Corporate Updates:

• Elizabeth A. Tarka, MD, FACC was appointed as Chief Medical Officer effective July 22, 2019; and
• John J. Kirby was appointed as Chief Financial Officer effective July 22, 2019.

Upcoming Investor Presentation:

• The company will be presenting at the 2019 Wedbush PacGrow Healthcare Conference on Tuesday, August 13, 2019 at 1:20 PM ET. The conference is being held at the Parker New York Hotel. The webcast can be accessed live or in archived form in the “Investors” section of the company’s website at www.iderapharma.com.

Financial Results
Second Quarter Results
Net loss applicable to common stockholders for the three months ended June 30, 2019 was $11.2 million, or $0.39 per basic and diluted share, compared to net loss applicable to common stockholders of $16.0 million, or $0.59 per basic and diluted share, for the same period in 2018. Revenue for the three months ended June 30, 2019 was $1.4 million, compared to $0.2 million for the same period in 2018. Research and development expenses for the three months ended June 30, 2019 totaled $10.0 million compared to $10.9 million for the same period in 2018. General and administrative expense for the three months ended June 30, 2019 totaled $2.9 million compared to $4.0 million for the same period in 2018. Merger-related costs, net for the three months ended June 30, 2018 totaled $1.6 million and related to our contemplated merger transaction. No such costs were incurred for the same period in 2019. Restructuring costs for the three months ended June 30, 2019 were nominal and related to our decision in July 2018 to wind-down our discovery operations. No such costs were incurred for the same period in 2018.

As of June 30, 2019, our cash, cash equivalents and short-term investments totaled $52.4 million compared to $71.4 million as of December 31, 2018. We currently anticipate that, based on our current operating plan, our existing cash, cash equivalents and investments will fund our operations into the second quarter of 2020.

About Idera Pharmaceuticals

Harnessing the approach of the earliest researchers in immunotherapy and the company’s vast experience in developing proprietary immunomodulatory platforms, Idera’s TLR agonist development program is focused on priming the immune system to play a more powerful role in fighting cancer, ultimately increasing the number of people who can benefit from immunotherapy. Idera also continues to focus on the acquisition, development and ultimate commercialization of drug candidates for both oncology and rare disease indications characterized by small, well-defined patient populations with serious unmet needs. To learn more about Idera, visit www.iderapharma.com.