New Issue: Ariad raises $14.5 million in follow-on of 3.1 million shares at $4.65 each, versus $5.18 close

By Ronda Fears

Memphis, Oct. 20 - Ariad Pharmaceuticals, Inc. raised $14.5 million from a follow-on offering of 3.1 million shares priced at $4.65 each, discounted from Thursday's close of $5.18, via a bought deal through bookrunner Credit Suisse.

Net proceeds of $14.3 million, or $16.5 million if the greenshoe is exercised, are earmarked for research and development, clinical trials, product manufacturing, intellectual property protection and enforcement and working capital.

Cambridge, Mass.-based Ariad develops breakthrough medicines to treat cancer by regulating cell signaling with small molecules. Its lead product candidate, AP23573, is an mTOR inhibitor for the treatment of solid tumors, including sarcomas, hormone refractory prostate cancer and endometrial cancer.

Issuer:	Ariad Pharmaceuticals, Inc.
Issue:	Follow-on stock offering
Gross proceeds:	$14.5 million
Net proceeds:	$14.3 million
Shares:	3,112,945 shares
Greenshoe:	466,942 shares
Price:	$4.65 per share
Bookrunner:	Credit Suisse
Pricing date:	Oct. 19
Settlement date:	Oct. 25
Stock symbol:	Nasdaq: ARIA
Stock price:	$5.18 on Oct. 19

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