Ariad The last layoff news of the day came from a notably smaller company in Ariad Pharmaceuticals. Ariad received a crushing blow last week when the Food and Drug Administration requested that it temporarily halt sales of leukemia drug Iclusig. A post-commercialization follow up study revealed a disproportionate occurrence of blood clots in treated patients. That sent shares tumbling yet again, contributing to a 88% plunge in October. Ariad will now be forced to salvage a crippled pipeline, all while coping with the sudden loss of a critical revenue source. Iclusig is being tested in seven of Ariad's eight ongoing phase 2 clinical trials. The fate of those trials is in question, and the company's earnings report on Tuesday should paint a better picture. What we do know is that Ariad has to start cutting costs if it wants to survive. The first step in doing that is to slash 40% of its workforce across all major departments. That should save Ariad $26 million in 2014. The company did have $332 million in cash and only $7 million in long-term debt at the end of last quarter, but with its real growth driver sitting on the bench, it's make-or-break time for Ariad.
Please read: EMA Starts Further Review of Iclusig http://www.fiercebiotech.com/story/ariad-faces-fresh-woe-ema-takes-harder-look-iclusig/2013-12-06
FDA approve for ARIA to continue to sell drug.. FDA said they are ok to let ARIA to sell drug but put some restrictions on it similar to European FDA. Shares go back to 15 dollar tomorrow. Is it true that Aria to continue to sell drug?
