ARIAD Pharma (Nasdaq:ARIA) Getting Closer to Ridaforolimus Approval

ARIAD Pharma's (Nasdaq:ARIA) cancer drug ridaforolimus has enjoyed successful results from studies, and has an excellent chance of being approved.

Canaccord says, "Patients taking ridaforolimus, an oral cancer drug under development by Ariad Pharmaceuticals, had better survival rates compared to those taking a placebo, according to the results of a recent study. Ridaforolimus reduced the risk of progression in a type of cancerous tumours known as sarcomas by as much as 28%, said Ariad, and patients lived about three weeks longer without their cancer worsening. Patients exhibited few side-effects, the most common being dry mouth sores, fatigue, diarrhea and platelet disorders. 'Overall we’re certainly enthusiastic about it,' said Ariad CEO Harvey Berger. The company plans to seek U.S. clearance for the drug this year alongside partner Merck (NYSE:MRK). If approved, ridaforolimus could generate the partnership $365 million by 2015, noted one analyst at Cowen & Co. 'Metastatic sarcoma is a fatal disease for which there are very few active therapies available today, and thus the unmet medical need is high,' the analyst explained. 'The data are solid, and likely to get ridaforolimus on the market.' About 12,000 U.S. patients are diagnosed with sarcomas each year."

ARIAD Pharma (Nasdaq:ARIA) closed Wednesday at $6.27, dropping $0.76, or 10.87 percent.