Ariad Pharma Q3 Loss Widens Amid Increased Expenses, Revenue Surges

(RTTNews) - Ariad Pharmaceuticals Inc (ARIA) Tuesday said third-quarter net loss widened to $66.3 million or $0.36 per share from $53.2 million or $0.32 per share for the same period in 2012.

Total revenue surged to $16.73 million from $85 thousand in the prior year. Net sales of Iclusig were $16.7 million for the quarter.

Total operating expenses climbed to $82.96 million from $53.30 million in the prior year.

The company also announced actions it is taking to reduce cash used in operations over the next two years and to better align its resources to areas of narrowed strategic focus.

Ariad said it has prioritized resources and investments to focus on shareholder-value creation in the areas that include re-start of marketing and commercial distribution of Iclusig in the U.S. through revision of the U.S. prescribing information and implementation of a risk mitigation strategy, as well as commercialization of Iclusig in 15 European countries, based on staged achievement of pricing and reimbursement approvals in each country.