The company reported total operating expenses of $19.4m for the first quarter of 2010, compared to $21.87 for the same period in 2009. ARIAD ended the first quarter with cash and cash equivalents of $25.4m, compared to $40.4m at December 31, 2009.
ARIAD anticipates positive cash flow from operations for 2010 in the range of $5m to $7m, reflecting the impact of the $50m up-front payment from Merck. ARIAD also estimates year-end cash and cash equivalents in the range of $44m to $46m.
Harvey Berger, chairman and CEO of ARIAD, said: "We have had a productive start to the year with substantial progress advancing each of our internally discovered drug candidates and the successful completion of our revised agreement with Merck on the development, manufacture and commercialization of ridaforolimus, our investigational mTOR inhibitor.
"We expect several key business and clinical catalysts during the remainder of 2010, each one with the potential to create significant value for our shareholders."
Will ARIAD reduce net loss in Q2?
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