Ariad's 3Q loss widens slightly on costs

CAMBRIDGE, Mass.

Drug developer Ariad Pharmaceuticals Inc. said Thursday its third-quarter loss widened slightly on overall costs as it continues developing potential cancer treatments.

The company reported a loss of $20.8 million, or 21 cents per share, compared with a loss of $20 million, or 29 cents per share, a year earlier. The company had fewer shares outstanding in the same period a year ago.

Revenue rose 40 percent, to $2.2 million from $1.5 million.

Analysts polled by Thomson Financial expected a loss of 18 cents per share on revenue of about $2.6 million.

The company's lead product candidates include the cancer treatment ridaforolimus, which is being developed in a partnership with Merck & Co.

Shares of Ariad closed at $1.98 Thursday.