Here is the report:
ARIAD Pharmaceuticals (ARIA - US$ 1.87) 1-Overweight
Earnings Review/Sales Analysis
Ridaforolimus on Track, -534 POC at ASH
Investment Conclusion
We are maintaining our 1-OW rating on ARIA
following release of 3Q09 results. While near-term
focus remains on the phase III SUCCEED study in
Sarcoma where we believe that prior mTOR
inhibitor success suggests a likely benefit for
ridaforolimus, we believe the potential intiation of a
pivotal study for bcr-abl inhibitor AP-24534 in 2010
establishes ARIA as a company with two
registration stage drugs in its arsenal.
Summary
􀂉 ARIA reported 3Q09 results this morning with a
net loss of ($0.21) that was inline with ($0.18)
Cons, and ARIA ended 3Q09 with $57.5M in cash.
􀂉 With most focus on Ridaforolimus and -534, ARIA
confirmed timelines for SUCCEED 2nd interim
analysis at end of 1Q10 with final PFS analysis at
end of 3Q10, updated Phase II mBC data at
SABCS on Dec 11, and enrollment completion in
the Phase II endometrial CA study in 1H10. -534
POC Phase I data in advanced hematological
cancers will be presented at ASH on Dec 7 with
ARIA suggesting potential initiation of a Phase III
study in 2010 contingent on discussion with
regulatory agencies. ARIA suggested the Nilotinib
and Dasatinib registration trials as benchmarks for
its possible approach to a -534 registration study