Idera Pharmaceuticals Inc.'s board approved a 1-for-8 reverse split of its stock, effective July 27.

The split-adjusted common shares will trade on the Nasdaq Capital Market starting July 30.

Shareholders of the Cambridge, Mass.-based drug developer previously approved the reverse stock split, which reduced Idera Pharmaceuticals' number of issued and outstanding shares to about 27.2 million, from about 217.4 million.

Computershare Trust Co. NA is acting as exchange agent and transfer agent for the reverse stock split.