Net loss deepens at Ariad Pharma

2 August 2001

Ariad Pharmaceuticals has posted a net loss of $4.7 million, or $0.17per share, for the second quarter of 2001, an increase of 46.9% compared with the like, year-earlier period. Revenues fell to just under $400,000 from $470,000.

The firm's R&D expenses increased 27% to $3.7 million, while general and administrative costs soared 96.5% to $1.3 million. Ariad ended the quarter with $45.3 million in cash and equivalents. Chief executive Harvey Berger said that "the accelerated development of our lead product candidates and the commercialization of our technology platforms and intellectual property portfolio continue to be our two strategic priorities." The firm says it is developing a pipeline of "innovative pharmaceutical products" to treat osteoporosis, cancer, anemia and graft-versus-host disease.

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