LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP announces that it is investigating potential claims on behalf of investors of ARIAD Pharmaceuticals, Inc. (“ARIAD” or the “Company”) (NASDAQ:ARIA) concerning possible violations of federal securities laws. The investigation is related to certain statements issued by the Company between December 12, 2011 and October 8, 2013, concerning ARIAD’s business, operations and financial prospects.
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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. ARIAD’s first-approved cancer medicine, IclusigTM, is a tyrosine kinase inhibitor (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, the price of ARIAD shares dropped 66%, or $11.31 per share, from the previous day’s closing price of $17.14 per share, to a closing price of $5.83 per share on October 9, 2013, on extremely heavy volume of more than 114 million shares traded.
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 Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, Toll-Free at (888) 773-9224, or contact Gregory Linkh, Esquire, of Glancy Binkow & Goldberg LLP at 122 E. 42nd Street, Suite 2920, New York, New York 10168, at (212) 682-5340, by e-mail to email@example.com, or visit our website at http://www.glancylaw.com. If you inquire by email, please include your mailing address, telephone number and number of shares purchased.
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