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ARIAD COMPLETES LARGEST START-UP FINANCING IN BIOTECH HISTORY

 ARIAD COMPLETES LARGEST START-UP FINANCING IN BIOTECH HISTORY
 CAMBRIDGE, Mass., March 27 /PRNewswire/ -- ARIAD Pharmaceuticals, Inc. today announced the final closing of a $46 million private placement of common stock. The offering, which was sold out including all over-subscriptions, is the largest start-up financing completed to date in the biotechnology industry.
 Wertheim Schroder & Co. Incorporated, Hambrecht & Quist Incorporated, Prudential Securities Incorporated, and D. Blech & Company, Incorporated served as placement agents for the ARIAD offering.
 "We are pleased by the enthusiastic response this offering generated in the investment communities both in the United States and Europe," said Harvey J. Berger, M.D., chairman and chief executive officer of ARIAD. "It is a testament to the strength and experience of our founding management team and the potential of our powerful new technology to generate innovate pharmaceuticals for major unmet needs in human health care."
 ARIAD's drug discovery strategy is based upon recent scientific breakthroughs in molecular cell biology which have lead to a growing understanding of the communication pathways within cells that control cellular function. The company intends to develop novel biopharmaceuticals that target these pathways and intervene in the disease process itself. ARIAD products will focus on autoimmune, allergic, inflammatory and hyperproliferative
diseases, as well as certain genetic and blood deficiencies. The magnitude of the ARIAD private placement will allow the company to further strengthen its position in intracellular communication technology, to assemble a research and development organization capable of converting fundamental advances in molecular cell biology into pharmaceutical products, and to renovate 48,000 square feet of laboratory and office space at its headquarters in University Park at MIT in Cambridge, Mass. The comapny expects to have 75 people employed at this facility by year end, over 50 of whom will have advanced degrees.
 ARIAD Pharmaceuticals, Inc. was founded in 1991 to discover, develop, manufacture and market a new class of biopharmaceutical products which target intracellular regulatory pathways to alter the course of disease. The company combines the most recent advances in molecular cell biology with sophisticated techniques of structure- based drug design to create innovative biopharmaceutical products formulated for oral, topical, of inhaled administration.
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 /CONTACT: Charles C. Cabot, III, 617-494-0400, of ARIAD Pharmaceuticals; or Thomas Pearson, 215-648-3975, of Pearson Communications for ARIAD/ CO: ARIAD Pharmaceuticals, Inc. ST: Massachusetts IN: MTC SU: FNC


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Publication:PR Newswire
Date:Mar 27, 1992
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