ArQule Announces Commencement of Proposed Public Offering of Common Stock
June 24 2019 - 4:37PM
Business Wire
ArQule, Inc. (Nasdaq: ARQL) today announced that it has
commenced an underwritten public offering, subject to market and
other conditions, to issue and sell shares of its common stock. In
connection with the offering, ArQule expects to grant the
underwriters a 30-day option to purchase up to an additional 15% of
the shares of its common stock offered in the public offering.
There can be no assurances as to whether or when the offering may
be completed, or as to the actual size or terms of the offering.
All of the shares in the offering are to be sold by ArQule.
The Company intends to use the net proceeds of the offering to
fund its core clinical programs and for general corporate
purposes.
SVB Leerink and RBC Capital Markets are acting as joint
bookrunning managers for the offering.
The securities described above are being offered by ArQule
pursuant to a shelf registration statement on Form S-3, including a
base prospectus, that was filed by ArQule with the Securities and
Exchange Commission (“SEC”) and automatically became effective on
June 24, 2019. The offering is being made only by means of a
written prospectus and prospectus supplement that form a part of
the registration statement. A preliminary prospectus supplement and
accompanying prospectus relating to the offering will be filed with
the SEC and will be available on the SEC’s website located at
www.sec.gov. Copies of the preliminary prospectus supplement and
the accompanying prospectus relating to the offering, when
available, may also be obtained from SVB Leerink LLC, Attention:
Syndicate Department, One Federal Street, 37th Floor, Boston, MA
02110, by telephone at (800) 808-7525, ext. 6132, or by email at
syndicate@svbleerink.com; or from RBC Capital Markets, LLC,
Attention: Equity Syndicate, 200 Vesey Street, 8th Floor, New York,
NY 10281, by telephone at (877) 822-4089.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy, nor will there be any sales of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction.
About ArQule
ArQule is a biopharmaceutical company engaged in the research
and development of targeted therapeutics to treat cancers and rare
diseases. ArQule’s mission is to discover, develop and
commercialize novel small molecule drugs in areas of high unmet
need that will dramatically extend and improve the lives of our
patients. Our clinical-stage pipeline consists of four drug
candidates, all of which are in targeted, biomarker-defined patient
populations, making ArQule a leader among companies our size in
precision medicine. ArQule’s pipeline includes: ARQ 531, an orally
bioavailable, potent and reversible dual inhibitor of both wild
type and C481S-mutant BTK, in phase 1 for patients with B-cell
malignancies refractory to other therapeutic options; miransertib
(ARQ 092), a potent and selective inhibitor of the AKT
serine/threonine kinase, in a planned registrational trial with
cohorts in Proteus syndrome and PROS to initiate in 2019; ARQ 751,
a next generation highly potent and selective AKT inhibitor, in
phase 1 for patients with AKT1 and PI3K mutations; and
derazantinib, a multi-kinase inhibitor designed to preferentially
inhibit the fibroblast growth factor receptor (FGFR) family, in a
registrational trial for iCCA in collaboration with Basilea and
Sinovant. ArQule’s current discovery efforts are focused on the
identification and development of novel kinase inhibitors,
leveraging the Company’s proprietary library of compounds.
Forward Looking Statements
This press release contains forward-looking statements
including, without limitation, statements about ArQule’s
expectations regarding the completion, timing and size of the
proposed offering, and its expectations with respect to granting
the underwriters a 30-day option to purchase additional shares.
These statements are based on ArQule’s current beliefs and
expectations, and involve assumptions that may never materialize or
may prove to be incorrect. Actual results and the timing of events
could differ materially from those anticipated in such
forward-looking statements as a result of various risks and
uncertainties, which include, without limitation, risks associated
with market conditions and the satisfaction of closing conditions
related to the proposed public offering, as well as risks and
uncertainties associated with ArQule’s drug development and other
activities. For more detailed information about these risks and
uncertainties, see ArQule’s periodic reports filed with the
Securities and Exchange Commission. ArQule does not undertake any
obligation to publicly update any forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20190624005677/en/
Corporate Contact: Kathleen Farren Investor Relations
& Executive Assistant to the CFO ir@arqule.com
Media Contact: Cait Williamson, Ph.D. LifeSci Public
Relations (646) 751-4366 cait@lifescipublicrelations.com
www.ArQule.com
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