Idera Pharmaceuticals Announces Milestone Payment Under Asthma and Allergy Collaboration

CAMBRIDGE, Mass.--(Business Wire)--
Idera Pharmaceuticals, Inc. (Nasdaq: IDRA), today announced that
it will receive a milestone payment from Novartis under the two
companies' research collaboration and license agreements. Under the
terms of the agreement, the payment was triggered by the initiation of
a Phase 1 clinical study by Novartis of QAX935. QAX935 is a novel
agonist of Toll-Like Receptor 9 (TLR9) exclusively licensed by Idera
to Novartis.

"We are pleased that our collaboration with Novartis has
progressed to clinical evaluation of QAX935," said Tim Sullivan,
Ph.D., Vice President of Development Programs at Idera. "QAX935 is one
of several TLR9 agonists created by us during the research phase of
this collaboration and derived from our chemistry-based drug discovery
approach to TLR-targeted compounds."

About the Collaboration

In June 2005, the Company and Novartis announced they had entered
into research collaboration and license agreements for the discovery,
optimization, development, and commercialization of TLR9 drug
candidates targeting asthma and allergy based on Idera's proprietary
Immune Modulatory Oligonucleotide (IMO(TM)) technology platform. The
agreements are structured in two phases. During the research
collaboration phase, the Company and Novartis have been working
together to evaluate novel IMOs from which Novartis may select IMO
candidates for further development through human clinical "proof of
concept" trials. Based on the results, Novartis may then elect to
implement the commercialization agreement, complete the development
and commercialize one or more of the IMO candidates.

About Idera Pharmaceuticals, Inc.

Idera Pharmaceuticals develops drug candidates to treat infectious
diseases, autoimmune diseases, cancer, and respiratory diseases, and
for use as vaccine adjuvants. Our proprietary drug candidates are
designed to modulate specific Toll-like Receptors, which are a family
of immune system receptors that direct immune system responses. Our
pioneering DNA and RNA chemistry expertise enables us to create drug
candidates for internal development and generates opportunities for
multiple collaborative alliances. For more information, visit
www.iderapharma.com.

Idera Forward Looking Statements

This press release contains forward-looking statements concerning
Idera Pharmaceuticals, Inc. that involve a number of risks and
uncertainties. For this purpose, any statements contained herein that
are not statements of historical fact may be deemed to be
forward-looking statements. Without limiting the foregoing, the words
"believes," "anticipates," "plans," "expects," "estimates," "intends,"
"should," "could," "will," "may," and similar expressions are intended
to identify forward-looking statements. There are a number of
important factors that could cause Idera's actual results to differ
materially from those indicated by such forward-looking statements,
including whether results obtained in preclinical studies or early
clinical studies such as the studies referred to above will be
indicative of results obtained in future clinical trials or warrant
additional trials; whether products based on Idera's technology will
advance into or through the clinical trial process on a timely basis
or at all and receive approval from the United States Food and Drug
Administration or equivalent foreign regulatory agencies; whether, if
the Company's products receive approval, they will be successfully
distributed and marketed; whether the Company's collaborations will be
successful; whether the patents and patent applications owned or
licensed by the Company will protect the Company's technology and
prevent others from infringing it; whether Idera's cash resources will
be sufficient to fund the Company's operations; and such other
important factors as are set forth under the caption "Risk Factors" in
Idera's Quarterly Report on Form 10-Q filed on August 1, 2008, which
important factors are incorporated herein by reference. Idera
disclaims any intention or obligation to update any forward-looking
statements.

Idera Pharmaceuticals, Inc.
Kelly Luethje, 617-679-5519
kluethje@iderapharma.com
or
MacDougall Biomedical Communications
Chris Erdman, 781-235-3060
cerdman@macbiocom.com

Copyright Business Wire 2008