Ariad shares soar 34% on positive Phase III outcome data for mTOR inhibitor in sarcoma
This article was originally published in Scrip
Executive Summary
Ariad Pharmaceuticals' shares jumped after it reported positive top-line results from a Phase III trial of its investigational mTOR inhibitor, ridaforolimus – specifically a 28% reduction in the risk of progression in sarcoma compared to the placebo group, and a 21% (or 3.1 week) improvement in progression-free survival, as determined by an independent panel, achieving the primary endpoint of the study. The shares soared $1.78, or 34%, to close at $7.04,$226 million adding to the company's value for a 18 January closing market capitalisation of $666 million.
You may also be interested in...
ChemoCentryx cuts price to get $45M IPO away
ChemoCentryx has successfully completed its initial public offering on Nasdaq, raising $45 million to help support its multiple R&D programmes. It sold 4.5 million shares at $10, a somewhat less ambitious debut than it had originally planned in January when it wanted to sell four million shares at $14-$16. The reduced offer is a sign of the challenging nature of the IPO market, but ChemoCentryx's assessment of its own worth was at least closer to the market’s assessment that Cempra which got its IPO away on 6 February at valuation that was less than two-thirds of that implied by its initial prospectus (scripintelligence.com, 7 February 2012).
Ampio raises $16.9M as it advances PhIII premature ejaculation drug
Ampio Pharmaceuticals, a development-stage company, initially raised $15 million which was boosted to $16.9 million by the exercise of overallotments by brokers. The shares were offered at $3.25, an 8.5% discount to the closing price of $3.66 on 12 July. The market pushed them down slightly further to 3.21 on 13 July.
Money talks: Verastem leverages IPO to build cancer stem cell pipeline
Verastem, a cancer stem cells startup, has moved quickly to build its pipeline just five months after an initial public offering. Management at the Cambridge, Massachusetts firm believes that recent moves have accelerated Verastem's clinical development plans by a year.