Ariad aims to raise $22.8M

US firm Ariad Pharmaceuticals has entered into definitive agreements with selected existing and new institutional investors to sell them  14,378,698 shares (about 19.9% of its current outstanding common shares)  at a purchase price of $1.69 each, the closing price of the stock on  February 19, resulting in net proceeds of around $22.8 million after  deducting placement agent's fees and estimated offering expenses.  Investors also received 0.75 of a warrant, exercisable at a price of  $2.15 per share, for each share of common stock.

The warrants have a three-year term from the date of issuance and are  exercisable beginning six months after that date. The transaction is  expected to close on or about February 25, subject to satisfaction of  customary closing conditions. Lazard Capital Markets served as the sole  placement agent for the offering.