Bridge Technology Group LLC Announces Investment Opinion On ARIAD Pharmaceuticals.

NEW YORK--(BUSINESS WIRE)--May 20, 1999--

Bridge Technology Group LLC Initiates Coverage of ARIAD 

Pharmaceuticals With a BUY Recommendation

Visit Bridge's Web Site at www.BridgeNYC.com for Detailed Report

Bridge Technology Group LLC announced today that it has initiated coverage of ARIAD Pharmaceuticals (Nasdaq: ARIA) with a BUY recommendation. The full text of this report can be accessed at Bridge Technology's web site, at www.BridgeNYC.com.

Excerpts from the report follow:

ARIAD Pharmaceuticals has successfully created an integrated program of drug discovery focused on the identification of novel, orally delivered pharmaceuticals based on signal transduction (internal cell communication) technology. ARIA's "gene-to-drug" platform encompasses its ability to identify and validate new molecular targets (functional genomics), to rationally design drugs that interact with these targets and then to optimize and evaluate the pharmaceutical properties of these drugs (medicinal chemistry and pharmacology). ARIA's product programs are focused in two areas: 1) the development of small-molecule drugs that block signal transduction pathways that play a critical role in diseases such as osteoporosis, allergy/asthma and immune-related diseases, and 2) the development of orally administered drugs that control the production of therapeutic proteins such as EPO, Human Growth Hormone, Alpha Interferon or Beta Interferon.

Like many small-cap biotechnology companies, ARIA stock is currently trading near its 52-week low. Despite a multi-million dollar joint venture with Hoechst Marion Roussel (HMR), called the Hoechst-ARIAD Genomics Center, and innovative gene therapy technology called ARGENT, the stock has sold-off as investors have become impatient with small-cap healthcare technology companies in general. We believe ARIA has a unique collection of technology and product assets, and represents a unique investment opportunity at this time. We are initiating coverage with a BUY rating, and recommend purchase of ARIA shares for those investors tolerant of the risks associated with micro-cap and small-cap equity investments.

Broad, Proprietary Platform Technology; First Clinical Trial Underway

- ARIA has a broad intellectual property portfolio based on certain

signal transduction pathways that it has leveraged into its

partnership with HMR and into the development of a lead compound

to treat osteoporosis.

- The advancement of ARIA's ARGENT system, or the ability to turn

"on and off" inserted genes by means of small molecule drugs, has

already resulted in the successful completion of a Phase I

clinical trial to treat Graft-versus-Host Disease (GvHD) in

patients undergoing allogeneic bone marrow transplants. We

believe ARGENT will be the driving force behind partnerships

signed during 1999.

- In animal studies, ARGENT has demonstrated efficacy in

successfully regulating a number of different protein genes, the

most notable of which is erythropoietin (EPO). Due to these

successes and following discussions with management, we believe

ARIA will sign multiple partnerships over the next 12 months with

biotechnology and pharmaceutical companies interested in specific

therapeutic proteins.

Strong Corporate Partner in Hoechst Marion Roussel (HMR)

- Since 1995, HMR and ARIA have been collaborating to develop

compounds to treat osteoporosis. ARIA has received several

milestone payments from HMR from its osteoporosis program and we

would expect to hear more from these programs in the coming

years.

- In 1997, HMR and ARIA formed the Hoechst-ARIAD Genomics Center, a

five-year, 50/50 joint venture to discover novel molecular

targets and therapeutic proteins. Hoechst has already invested

approximately $40 million in the joint venture and is committed

to investing another $50 million over the next 3 years. ARIA has

rights to 50% of the validated targets and proteins that emerge

from the JV.

Coming Milestones - BUYing Opportunity

- Clinical: During 1999, we expect ARIA to commence a Phase II

trial for its GvHD product and to hear of advancements in its

osteoporosis and other product programs.

- Partnerships: We are expecting new partnerships during 1999 that

should not only strengthen ARIA's financial and strategic

position but could also lead to significant stock appreciation.

Bridge Technology Group LLC is a registered investment advisor focused on identifying emerging growth companies in the healthcare and information technology sectors that offer compelling investment opportunities over the long term. By providing comprehensive financial services, including corporate finance, M&A advisory, strategic partnering and communications consulting, the company positions itself to provide a fully integrated package of value-added services to emerging growth companies.

The information in this press release has been obtained from sources that Bridge Technology Group LLC believes to be reliable, but the Company does not guarantee its accuracy or completeness. Neither the information nor any opinion expressed constitutes a solicitation by Bridge Technology Group LLC for the purchase or sale of any securities. Bridge Technology Group LLC has performed investment banking, consulting or other services for ARIA and may solicit investment banking, consulting or other business from, any company mentioned in this release. Bridge Technology Group LLC or persons associated with Bridge Technology Group LLC may at anytime be long or short any of the securities referred to herein and may make purchases or sales thereof while the Company's reports are in circulation or posted on the Bridge Technology Group LLC web site at www.BridgeNYC.com. This material, or any portion thereof, may not be reproduced without prior permission from Bridge Technology Group LLC. Bridge Technology Group LLC is not responsible for the contents of this document that is intended for electronic transmission and could be thus subjected to tampering or alteration. Copyright (C) 1999 by Bridge Technology Group LLC. All rights reserved.