ArQule Announces Commencement of Proposed Public Offering of Common Stock
July 10 2018 - 4:12PM
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.
Leerink Partners is acting as sole book-running manager for the
offering. Needham & Company is acting as lead manager, and Roth
Capital Partners, B. Riley FBR, Inc. and JonesTrading Institutional
Services LLC are acting as co-managers for the offering.
The securities described above are being offered by ArQule
pursuant to a shelf registration statement on Form S-3 (File. No.
333-213456), including a base prospectus, that was previously filed
by ArQule with the Securities and Exchange Commission (“SEC”) and
declared effective on October 5, 2016. 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,
also may be obtained from Leerink Partners 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@leerink.com.
This press release does not constitute an offer to sell or the
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 five 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 inhibitor of both wild type and
C481S-mutant BTK, in a Phase 1 trial for patients with B-cell
malignancies refractory to other therapeutic options; Miransertib
(ARQ 092), a selective inhibitor of the AKT serine/threonine
kinase, in a phase 1/2 company-sponsored trial for Overgrowth
Diseases, in a Phase 1 trial for ultra-rare Proteus syndrome
conducted by the National Institutes of Health (NIH), and in a
Phase 1b trial in combination with the hormonal therapy,
anastrozole, in patients with advanced endometrial cancer; ARQ 751
a next generation AKT inhibitor, in a Phase 1 trial for patients
with AKT1 and PI3K mutations; Derazantinib, a multi-kinase
inhibitor designed to preferentially inhibit the fibroblast growth
factor receptor (FGFR) family, in a registrational trial for iCCA;
and ARQ 761, a β-lapachone analog being evaluated as a promoter of
NQO1-mediated programmed cancer cell necrosis, in a Phase 1/2 trial
in multiple oncology indications in partnership with the University
of Texas Southwestern Medical Center. 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/20180710006012/en/
ArQule, Inc.Corporate Contact:Marc Schegerin, MD,
781-994-0440Senior Vice President, Strategy, Communication, and
Financemarc@arqule.comorMedia Contact:LifeSci Public
RelationsAllison Blum, Ph.D.,
646-627-8383Allison@lifescipublicrelations.com
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