ArQule Announces Pricing of $90 Million Public Offering of Common Stock
June 25 2019 - 7:00AM
Business Wire
ArQule, Inc. (Nasdaq:ARQL) today announced the pricing of an
underwritten public offering of 9,250,000 shares of its common
stock at a price to the public of $9.75 per share. ArQule has
granted the underwriters a 30-day option to purchase up to an
additional 1,387,500 shares of its common stock. The offering is
expected to close on or about June 27, 2019, subject to
satisfaction of customary closing conditions. The gross proceeds to
ArQule from the offering, excluding any exercise by the
underwriters of their 30-day option to purchase additional shares,
are expected to be approximately $90.2 million, before deducting
underwriting discounts and commissions and other offering expenses
payable by ArQule.
The Company intends to use the net proceeds of the offering to
fund its clinical programs and for general corporate purposes.
SVB Leerink and RBC Capital Markets are acting as joint
bookrunning managers for the offering. Oppenheimer & Co. Inc.
and Needham & Company are acting as co-lead managers, and Roth
Capital Partners, B. Riley FBR and JonesTrading Institutional
Services LLC are acting as co-managers for the offering.
The securities described above are being offered by ArQule
pursuant to an effective shelf registration statement on Form S-3
(File. No. 333-232306), including a base prospectus, that was filed
by ArQule with the Securities and Exchange Commission (“SEC”) and
automatically became effective on June 24, 2019. A final 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 final prospectus
supplement and the accompanying prospectus relating to the
offering, when available, may 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 SEC.
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/20190625005334/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
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