Ariad Pharmaceuticals (NASDAQ:[[ticker: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.
Author: Ryan McBride
Ryan is an award-winning business journalist who contributes to our life sciences and technology coverage. He was previously a staff writer for Mass High Tech, a Boston business and technology newspaper, where he and his colleagues won a national business journalism award from the Society of American Business Editors and Writers in 2008. In recent years, he has made regular TV appearances on New England Cable News.
Prior to MHT, Ryan covered the life sciences, technology, and energy sectors for Providence Business News. He graduated with honors from the University of Rhode Island in 2001 with a bachelor’s degree in communications. When he’s not chasing down news, Ryan enjoys mountain biking and skiing in his home state of Vermont.
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