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Cramer Interviews Ariad Pharma CEO

Even in today's harsh economic times, there are still solid stock plays out there that may offer investors some solace, Jim Cramer said Monday on CNBC's "Mad Money." "You just need to know where to look."

Cramer suggests investors look into the biotech space. One prime example of a stock that is fairly well-insulated from the world's fiscal woes is Ariad Pharmaceuticals — a small-cap speculative firm that recently presented some "very positive" clinical trial data on a new leukemia drug. The drug, called Ponatinib, is designed to treat patients whose particular strains of leukemia have proven resistant to the "current crop of treatments." Some analysts are expecting the drug to rake in up to $2.5 billion in peak sales, Cramer said.

And despite the stock's huge run — surging 140 percent in 2011 and another 28 percent year-to-date — the "Mad Money" host still thinks Ariad is a cheap buy. But even so, the pharma stock is nothing more than a spec play right now, since it doesn't yet draw in a profit and isn't expected to produce any material revenues until 2014.

It is important to note, though, that the firm does have a "healthy" host of oncology drugs in the works, and more importantly, that "this kind of biotech stock is pretty much immune to a slowdown in the global economy [and] the financial panic of Europe," he said.

To find out more about the company's prospects and to talk more about products in the pipeline, Cramer welcomed Harvey Berger, the chairman and CEO of Ariad Pharmaceuticals, to Monday's program. Watch the video to see the full interview.

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