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CAMBRIDGE, Mass. - Ariad Pharmaceuticals Inc. said Wednesday it will receive a $2.5 million payment from partner Merck & Co. for moving a cancer drug into midstage clinical trials.
The drug, called deforolimus, is being studied in various stages as a treatment for a range of cancers. Ariad is a development-stage company and relies mainly on partnerships for its revenue, which reached $3.6 million in 2007.
The $2.5 million payment comes as Ariad moves an oral version of the drug candidate into Phase II studies as a endometrial cancer therapy, which affects the lining of the uterus.
The goal of the study will be progression-free survival, or the amount of time a patient survives without the cancer progressing. It will involve 150 patients spread throughout 50 sites in North America, Europe, Asia, and Australia.
Shares of Ariad closed at $2.97 Tuesday, while shares of Whitehouse Station, N.J.-based Merck closed at $34.70.
U.S. stocks were mixed on Thursday after retailers reported mostly disappointing sales while other big-name companies announced layoffs and Europ...
China markets opened lower on Tuesday morning as the investors' confidence hit by the signals that global recession are deepening.
The markets have spoken: risk aversion is still the name of the game and that was obvious since the beginning of the week.
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