Ariad Gets $10M From Merck

3/2/09Follow @xconomy

Cambridge, MA-based Ariad Pharmaceuticals said today that it expects to receive a $10 million milestone payment from its partner, Merck, in connection with the start of a mid-stage clinical trial of Ariad’s experimental drug for lung cancer. The company (NASDAQ: ARIA) used up $48 million of its cash reserves during 2008, and ended the year with $39.1 million left in the bank.

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