BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that it is investigating potential claims on behalf of purchasers of the securities of ARIAD Pharmaceuticals, Inc. (“ARIAD” or the “Company”) (NASDAQ:ARIA) concerning possible violations of federal securities laws. The investigation focuses on allegations that certain statements issued by the Company concerning ARIAD’s business, operations and financial prospects were materially false and/or misleading.
ARIAD is an oncology company, engaged in the discovery, development and commercialization of small-molecule drugs to treat cancer in patients with aggressive cancers where current therapies are inadequate. The Company’s first-approved cancer medicine is IclusigTM – a tyrosine kinase inhibitor, or TKI, for the treatment of adult patients with certain chronic or aggressive forms of leukemia who are resistant or intolerant to prior TKI therapy.
The investigation is related to the Company’s October 9, 2013, announcement that the U.S. Food and Drug Administration placed a partial clinical hold on all new patient enrollment in clinical trials of Iclusig following reports of non-serious and serious adverse events in Iclusig-treated patients. As a result of these events, the Company announced it is implementing the following actions:
- Patient enrollment in all clinical studies of Iclusig is being paused, and subject to agreement with the FDA, will be resumed with anticipated changes in dose and other modifications.
- Reductions in Iclusig dose will be implemented on a trial-by-trial basis for patients whose Iclusig treatment is ongoing.
- The dose of Iclusig in patients who are currently enrolled in the EPIC trial will be reduced.
- The eligibility criteria for Iclusig clinical trials will be modified to exclude patients who have experienced prior arterial thrombosis resulting in heart attack or stroke.
Following this news, in intraday trading on October 9, 2013, the price of ARIAD shares declined as much as 65% from the previous day’s closing price.
If you purchased ARIAD shares, if you have information or would like to learn more about these claims, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.