Ariad Pharmaceuticals Inc. announced Friday that it has filed aregistration statement with the Securities and ExchangeCommission in connection with an initial public offering of 2.75million units.
Each unit, priced at $9, will consist of one Ariad common shareand one redeemable warrant for the purchase of one commonshare. The warrants can be redeemed within five years at 105percent of the unit price ($9.45 each).
The offering, which is being underwritten by D. Blech & Co. Inc.,should raise gross proceeds of $24.75 million.
Ariad of Cambridge, Mass., is engaged in the discovery anddevelopment of pharmaceuticals that target intracellularcommunication pathways to alter the course of disease. Thecompany said it has identified lead compounds or is engaged inpreclinical research in the areas of allergy/asthma,osteoporosis, immune-related disorders, viral disease andthrombocytopenia. Ariad has not indicated when it will file forits first investigational new drug application.
The company has applied to trade its common shares on theNASDAQ national market under the symbol ARIA. It hasproposed to list its units under the symbol ARIAZ and itswarrants under ARIAW. The units cannot not be divided until180 days after the date of the offering.
Ariad's last financing took place in August 1993 when thecompany raised $6.3 million in a private placement. In March1992, it raised $40.9 million, also in a private placement. Thecompany currently has 13.8 million shares outstanding.
-- Karl A. Thiel Business Editor
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