News Story
Source: Associated Press

Ariad Pharmaceuticals Reports 4th-Quarter Results and Enters Financing Deal

Thursday February 15, 9:07 am ET

CAMBRIDGE, Mass. (AP) -- Ariad Pharmaceuticals Inc. (NASDAQ: ARIA - News) said Thursday its fourth-quarter loss narrowed slightly and that it secured a financing commitment from Azimuth Opportunity Ltd. for up to $50 million.

The company said it can sell common stock over the next 18-month period to Azimuth at a discount to the prevailing market price. The shares are being offered under a shelf registration filed with the Securities and Exchange Commission Jan. 30.

During the fourth-quarter, the company lost $14.4 million, or 22 cents per share, compared with a loss of $14.5 million, or 23 cents per share. Revenue fell to $208,000 from $242,000.

Analysts polled by Thomson Financial expected a loss of 23 cents per share on revenue of $350,000.

For the full year, the company lost $61.9 million, or 99 cents per share, compared with a loss of $55.5 million, or 99 cents per share, in 2005. Ariad had about 6.4 million additional shares of common stock outstanding in 2006.

As of Dec. 31, the company had cash and cash equivalents of $39.8 million.

Shares of Ariad surged 51 cents, or 9.8 percent to $5.70 in premarket trading. In the last 52 weeks, the stock has ranged from $3.27 to $7.78.

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