UPDATE 1-Ariad leukemia drug gets orphan drug status

* Says drug also got EU orphan drug status

* To advance into a pivotal trial later this year

March 1 (BestGrowthStock) – Ariad Pharmaceuticals Inc (ARIA.O: ) said
its experimental cancer drug, AP24534, received orphan drug
designation from U.S. health regulators, sending its shares up
8 percent in pre-market trade.

The drug, which is being developed for the treatment of
chronic myeloid leukemia (CML), also got orphan drug
designation from the European Medicines Agency (EMA) for CML
and acute lymphoblastic leukemia.

The U.S. Food and Drug Administration’s orphan drug status
is reserved for new therapies that are being developed to treat
diseases or conditions that affect fewer than 200,000 people in
the United States and grants the drug developers seven years of
marketing exclusivity.

The company also said it plans to advance the drug,
currently in early stage studies, into a pivotal trial later
this year.

Shares of the company were up 7.5 percent at $2.73 in
pre-market trade on Monday. They closed at $2.54 Friday on
Nasdaq.

Stock Market Money

(Reporting by Krishnakali Sengupta in Bangalore; Editing by
Vinu Pilakkott)

UPDATE 1-Ariad leukemia drug gets orphan drug status