Boston, MA 11/25/2013 (wallstreetpr) – The biotech company Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA) finally breaths in air of ease as its blood cancer drug makes it through the European Union’s (EU) vote of confidence. On Friday, the stock soared as high as 35% easing out the intense pressure, the stock has been under for the past one year.
During the last month, FDA had suspended the sales of the company’s one of the breakthrough drug Iclusig post the safety concerns. Soon after the decision surfaced, the company’s shares nosedived by nearly half of its value on the trading boards.Iclusig, which was the first medicine by Ariad to get approval from FDA and EU in 2012, was taken off the U.S. markets after the FDA’s findings of its harmful side effects. However, on Friday the company indicated the positive outlook of the European Medicines Agency (EMA) on the continued sale ofIclusig.The drug maker revealed the predicated approval for their blood cancer drug tothe SEC in the mandatory filings.The company said that the committee formed to advise the European Union regulators are of view that Iclusig should continue to float in the market, after they prescribed certain recommendations for its use. It is worth mentioning that Cambridge’sAriad had also seen the support pouring down from the organized groups of doctors and patients within hours of its ban by the FDA.
The company’s general manager Jonathan Dickinson said that the company is diligently working with the EMA to give it updated clinical-trial data on patients who are treated with Iclusig.The company said that the EMA has asked the company to further monitor the patients treated with the drug and to discontinue its use if side-effects like hypertension is not under control. In the meanwhile, EMA has also been studying the benefits and risks associated with the drug and may make further recommendations, if necessary.
