Ariad shares soar on prelim cancer data

Shares of Ariad Pharmaceuticals shot up 29 percent this morning as the biotech announced that a mid-stage trial of its lead drug is likely to prove positive. "We set a high bar for proof of concept in this trial of patients with Her-2 positive, metastatic breast cancer who have progressed while on trastuzumab treatment," said Pierre F. Dodion, M.D., senior vice president and chief medical officer of Ariad. "Based on preliminary assessment of the data to date, we believe that the predefined criterion for a positive outcome of the trial will be achieved. We will continue to analyze the results as we complete patient enrollment and look forward to presenting final results of the trial at a major breast cancer meeting later this year." Release