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Idera Pharmaceuticals rare disease drug fails in phase 2 trial

Idera Pharmaceuticals Inc. said its drug IMO-8400 failed to meet the main goal of a phase 2 dermatomyositis trial.

Dermatomyositis is a rare inflammatory disease with no cure. It is characterized by skin rashes and muscle weakness and inflammation.

In the trial, the drug did not deliver statistically significant improvement over placebo, thus failing to meet the goal of the study.

The Cambridge, Mass.-based pharmaceuticals company did not give information regarding what the next steps are for the medicine.

Idera is in the process of being acquired by BioCryst Pharmaceuticals Inc. However, at least two BioCryst shareholders have indicated that they will vote against the merger at a special meeting called for July 10.