CAMBRIDGE, Mass. and EXTON, Pa., Jan. 26, 2015 (GLOBE NEWSWIRE) -- Idera Pharmaceuticals, Inc. (Nasdaq:IDRA), a clinical-stage biopharmaceutical company developing immune-modulating and gene silencing therapies for cancer and rare diseases, today announced the appointments of R. Clayton Fletcher as Senior Vice President, Business Development and Strategic Planning, and Jim Baker as Executive Director, Market Development.
Vincent J. Milano, President and Chief Executive Officer of Idera Pharmaceuticals, stated, "We are delighted to welcome Clayton to Idera. His business acumen and strategic insight forged over 25 years in the biopharmaceutical industry will significantly enhance our ability to grow our business and deliver potential therapeutic solutions to patients suffering from life-threatening diseases."
In his new role, Mr. Fletcher will oversee business development and corporate strategy. Mr. Fletcher most recently served as Vice President, Business Development and Project Management at ViroPharma Incorporated from June 2005 until January 2014. In this capacity, Mr. Fletcher played a central role in the acquisition, in-licensing and out-licensing of several major biopharmaceutical assets. Prior to joining ViroPharma in 2001, Mr. Fletcher held business and scientific roles of increasing responsibility at SmithKline Beecham Pharmaceuticals, Becton-Dickson and Company, Intracel Corporation and Centocor. He received B.S. and M.S. degrees in biology from Wake Forest University.
Mr. Milano added, "We are also pleased to announce Jim's new position with the company. In recent months, he has made important contributions toward advancing our business. Moving forward, he will focus on building and expanding relationships with key opinion leaders and patient advocacy groups, based on his market development experience across multiple rare disease categories."
Mr. Baker joined Idera in August 2014 and most recently served as Executive Director, Corporate Affairs. In his new role, Mr. Baker will oversee awareness and education initiatives, alliance development and market insight assessment across the company's cancer and rare disease development programs. Prior to joining Idera, Mr. Baker held roles of increasing responsibility focused on marketing communications, scientific and medical communications, advocacy relations and public affairs at PTC Therapeutics, Biogen Idec and Sarepta Therapeutics. He is a former communications officer in the U.S. Army and holds B.A. degrees in journalism and political science from the University of Southern California.
About Idera Pharmaceuticals
Idera Pharmaceuticals is a clinical-stage, patient-focused biopharmaceutical company developing novel therapeutic approaches for the treatment of cancer and rare diseases. Our proprietary technology platforms are based on the company's scientific expertise with nucleic acid therapeutics. Idera's immunotherapy approach is based on the modulation of Toll-like receptors (TLRs), which have key roles in the immune system. In addition, we are developing gene silencing oligonucleotides (GSOs), a third generation antisense technology, to inhibit the production of disease-associated proteins by targeting RNA. To learn more about Idera, visit www.iderapharma.com.
Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)
In connection with the hiring of Mr. Fletcher, the Board of Directors of the Company approved the grant to Mr. Fletcher of a stock option to purchase 600,000 shares of the Company's common stock. The option was granted as an inducement equity award outside the Company's 2013 Stock Incentive Plan and was made as an inducement material to Mr. Fletcher's acceptance of employment with the Company. The option will have an exercise price equal to the closing price of the Company's common stock on January 26, 2015. The option has a ten year term and vests over four years, with 25% of the original number of shares vesting on January 26, 2016 and an additional 6.25% of the original number of shares vesting at the end of each successive quarter thereafter, subject to Mr. Fletcher's continued service with the Company through the applicable vesting dates.
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