ARIAD reports positive test results, plans stock offering
ARIAD Pharmaceuticals Inc. has announced a stock offering to help fund tests on a treatment for chronic myeloid leukemia, while also reporting that a Phase 2 study of its treatment for endometrial cancer showed significant improvements in progression-free survival.
Cambridge-based ARIAD (Nasdaq:ARIA) said it is offering 16 million shares of its common stock at $3.70 per share in an underwritten public offering. The funding is intended to enable ARIAD to complete patient enrollment in the Phase 2 PACE trial of oral ponatinib, ARIAD’s investigational pan BCR-ABL inhibitor. The goal is to obtain at least six-months of follow-up data; to complete analysis of the trial; and to prepare filings for marketing authorization of ponatinib. That drug is targeted for use in multiple lines of treatment for chronic myeloid leukemia (CML) and other cancers.