Ariad Pharmaceuticals Inc fka ARIA

[DonShimoda]

I think we'll know more after the next conf. call because that will give us the first good look at the burn rate since merck has taken over 100% of the costs associated with rida. My guess is that the savings on rida will be substantially offset by the costs associated with the ponatinib trial as it ramps up to more sites. I'm also assuming that AP113 will start phase 1 sometime in the 3Q and those costs need to be considered as well.

As of today, I'm fairly confident that the company will reach the $25mm filing milestone this year but whether they need additional funding beyond that depends to a large part on the timing of rida's approval and whether the company partners pona in both the EU and Asia (and the upfront $'s that may be structured into those deals). Basically, the more time that passes without a pona partnership, the higher the likliehood of another financing but, depending on the price, that may not be a bad thing.