Will Ariad Pharmaceuticals Inc (NASDAQ:ARIA)’s Iclusig Make It To The Fore?

Posted by Nathan Alexander October 10, 2013 0 Comment 943 views

On Wednesday, Ariad Pharmaceuticals, Inc (NASDAQ:ARIA) shares took a 65.99% nose-dive. This plunge came in the wake of news about safety issues surrounding Iclusig, its only approved drug. The company is now planning on reducing the dosage so that the trails on patients can continue unhindered. Presently, Iclusig is the secondary-treatment for leukemia.

Pinning High hopes

But the company has pinned great hopes on it becoming the front-running drug for this disease and hopes to pick up 7 other indications too. This is exactly what made the sell-off so steep. The tolerability issues that have surfaced can hinder its sale for all indications and it might become the last resort in leukemia treatment.  The drug has numerous heavy-duty competitors.

The postponement

Ariad Pharmaceuticals, Inc (NASDAQ:ARIA) announced that it has stalled the enrollment trails after it reviewed some new data from its pivotal mid-stage trail that tested Iclusig in the treatment of 2 different forms of blood cancer.

News has it that the  late-stage trial of this drug  in the newly-diagnosed chronic myeloid leukemia may be pushed to  2014-end from the previously planned  2014 Q3.This drug received approval in December and was to be used in the treatment of 2 types of blood-cancer . The label carried warnings of potential liver toxicity and blood clots.

Wednesday’s trading

In Wednesday’s trading, Ariad Pharmaceuticals, Inc (NASDAQ:ARIA) dropped by 65.99%. The opening price of the shares was $5.55, which climbed to an intraday high of $6.10 and dipped to a close of $5.83. Approximately 114.91 million shares were traded on Wednesday while an average volume of 3.40 million shares were traded over a 30 day period. The 52-week low of Ariad Pharmaceuticals, Inc (NASDAQ:ARIA) shares is $4.00 and its 52-week high is $25.40. Ariad Pharmaceuticals, Inc (NASDAQ:ARIA) has a market capitalization of $1.08 billion

About Nathan Alexander

Nathan Alexander holds bachelor’s degrees in Journalism and European Studies from Boston University. Nathan reports round up the day’s business and financial market news and include keynote interviews with major business players and updates on Asian, European and US stock markets. He has interviewed heads of leading European banking institutions such as European Central Bank President Jean-Claude Trichet and HSBC Chairman Stephen Green, and CEOs from the business world including Microsoft founder Bill Gates, Virgin Chairman Sir Richard Branson and former Porsche President and CEO Dr Wendelin Wiedeking.

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