Ariad Pharma to Sell $24.3M in Stock

2/20/09

Ariad Pharmaceuticals (NASDAQ:ARIA), a Cambridge, MA-based developer of drugs for cancer and other diseases, says it has sold 14.37 million shares of common stock to new and existing institutional investors for $1.69 per share, or a total of $24.3 million. Investors were also granted .75 warrants for each share purchased to buy Ariad’s stock at $2.15 per share. Ariad is in late-stage development of its lead drug candidate, deforolimus, for advanced cases of sarcoma cancer, in collaboration with Whitehouse Station, NJ-based drug firm Merck.

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