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Ariad Pharmaceuticals Inc. said promising preliminary results have prompted it to complete enrollment in an ongoing Phase 1 blood-cancer drug trial and formally register the potential therapy for a new round of testing in late 2010.
The announcement, made late Monday at the American Society of Hematology’s annual meeting in New Orleans, comes on the heels of a July regulatory filing by the company that detailed encouraging results from the same Phase 1 trial for its drug candidate targeting advanced strains of blood cancers.
At the time, 32 patients were enrolled in the study. The latest data stems from a trial patient population of 44 people.
On Monday, Ariad (Nasdaq: ARIA) said it will expand the trial’s enrollment to 50 people, based on evidence of the drug target’s “anti-cancer activity” to date. The trial’s aim is to determine tolerable dosage levels as well as the safety of the potential therapy, according to Ariad’s regulatory filings.
The company said it plans to register for a new round of trials in the second half of 2010, based on the ongoing Phase 1 trial’s progress.
Ariad finished September with $57.5 million in cash on hand, versus $24.2 million a year earlier. The company generated $6.1 million in licensing and related revenue during the nine months ended Sept. 30, compared with $4.5 million in the year-earlier period.
Ariad’s net loss during that same nine-month span was $62 million, compared with $54.3 million in 2008’s corresponding period.
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