Ariad reports second-quarter net loss of $17 million

By Lisa Kerner

Charlotte, N.C., Aug. 8 - Ariad Pharmaceuticals, Inc., for the quarter ended June 30, reported a net loss of $17 million, or $0.27 per share, an increase from $14.1 million, or $0.27 per share, reported for the second-quarter 2005.

The company attributed the increase in net loss primarily to expenses resulting from patent infringement litigation against Eli Lilly and Co., noting that the favorable verdict was a company highlight.

Ariad ended the second-quarter 2006 with $54.3 million in cash, cash equivalents and marketable securities, compared with $81.5 million at the end of 2005.

The company had a net loss of $32.3 million, or $0.52 per share, for the first half of 2006, up from the prior-year period's reported net loss of $26.4 million, or $0.50 per share.

For the six months ended June 30, cash used in operations was $27.4 million, consistent with the company's guidance for 2006 of $53 million to $56 million.

Additional company highlights for the quarter include announcement of positive efficacy data on AP23573 in soft-tissue and bone sarcomas and completion of patient enrollment in the first of the two-stage phase 2 clinical trial of AP23573 as a single agent in endometrial cancer. The company said it is set to enter a global phase 3 clinical trial in patients with advanced sarcomas.

Cambridge, Mass.-based Ariad develops medicines to treat cancer by regulating cell signaling with small molecules.

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