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[LaJollaCA]

News out for ARIA

http://finance.yahoo.com/news/inplay-briefing-com-055139997.html#aria

7:38 am Ariad Pharm and Medinol announce initiation of two registration trials of the NIRsupreme Ridaforolimus-Eluting Stent for use in coronary artery disease; triggers milestone payments to ARIAD of $3.75 mln (ARIA) :

Co and Medinol announced the initiation of two registration trials of Medinol's NIRsupremeTM Ridaforolimus-Eluting Coronary Stent System incorporating ARIAD's mTOR inhibitor, ridaforolimus. The two NIRsupreme clinical trials are randomized, single-blind, global studies taking place in the United States, Europe, Israel and Canada and will enroll approximately 2,200 patients with coronary artery disease. ARIAD licensed ridaforolimus to Medinol for use in drug-eluting stents in 2005. Drug-eluting stents (DES) are now implanted in over 500,000 patients yearly in the United States.
The commencement of patient enrollment in Medinol's clinical trials, along with the submission of an investigational device exemption with the FDA, triggers milestone payments to ARIAD of $3.75 mln, with the potential for additional regulatory, clinical and sales milestones, as well as royalties on product sales.
ARIAD entered into a non-exclusive agreement with Medinol to develop and commercialize stents and other medical devices to deliver ridaforolimus to prevent reblockage of injured vessels following stent-assisted angioplasty. ARIAD is eligible to receive additional regulatory, clinical and commercial milestones of up to $34.75 mln, if two products are developed, plus royalties on worldwide product sales. ARIAD is responsible for supplying ridaforolimus to Medinol, and Medinol is responsible for the development and commercialization of the medical devices delivering ridaforolimus. These rights are separate from those licensed to Merck for use of ridaforolimus in oncology.