Ariad to continue enrollment in cancer study

Ariad Pharmaceuticals to continue enrollment in cancer study following independent assessment

• On 3:33 pm EDT, Monday September 14, 2009

NEW YORK (AP) -- Ariad Pharmaceuticals Inc. said Monday independent experts recommended continuing a late-stage study of the company's developing cancer treatment ridaforolimus.

The late-stage study is evaluating the drug as a potential treatment for metastatic sarcoma, a type of cancer found in tissues that connect or support organs and other structures. Ariad is testing ridaforolimus in a partnership with Merck & Co.

Ariad said an independent monitoring committee recommended the company continue with full patient enrollment in the study. The committee indicated that no modifications are necessary. Full patient enrollment is expected by year end and another interim analysis will take place in the first quarter of 2010.

"The recommendation by the DMC (committee) to continue the Phase 3 SUCCEED trial (study) to completion represents an important step in the development of oral ridaforolimus as a potential new treatment option for patients with metastatic sarcomas," said Ariad Chairman and CEO Dr. Harvey J. Berger, in a statement.

Shares of Ariad rose 16 cents, or 6.1 percent, to $2.78 in afternoon trading. The stock has traded between 72 cents and $3.48 over the past 52 weeks. Merck gained 27 cents to $32.81.