Ariad
Pharmaceuticals Inc. shares rose as much as 22 percent after the
biotechnology company announced the discovery of two potential
anti-cancer therapies.
Shares of Ariad rose 60 cents to $4.12 at 9:37 a.m. New York
time in Nasdaq Stock Market trading after climbing to $4.30.
Shares of the Cambridge, Massachusetts-based company have risen 77
percent over the past year.
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Ariad has identified one compound it will test as a treatment
for solid tumors, such as colon cancer, and another to treat bone
cancers, the company said in releases distributed by Business
Wire. Ariad will announce the discoveries today at the Bear
Stearns Healthcare Conference in New York.
“We now have seven product candidates in development, all
but one to treat advance forms of cancer and blood disease,”
Chief Executive Harvey J. Berger said in a statement.
Bloomberg
