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ap

Ariad's 3Q loss widens slightly on costs

Ariad Pharmaceuticals posts loss; company continuing to develop cancer treatments

  • On 8:07 am EST, Friday November 6, 2009

CAMBRIDGE, Mass. (AP) -- Drug developer Ariad Pharmaceuticals Inc. said Thursday its third-quarter loss widened slightly on overall costs as it continues developing potential cancer treatments.

The company reported a loss of $20.8 million, or 21 cents per share, compared with a loss of $20 million, or 29 cents per share, a year earlier. The company had fewer shares outstanding in the same period a year ago.

Revenue rose 40 percent, to $2.2 million from $1.5 million.

Analysts polled by Thomson Financial expected a loss of 18 cents per share on revenue of about $2.6 million.

The company's lead product candidates include the cancer treatment ridaforolimus, which is being developed in a partnership with Merck & Co.

Shares of Ariad closed at $1.98 Thursday.

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