ArQule (NASDAQ: ARQL), a biopharmaceutical company engaged in the research and development of targeted therapeutics to treat cancers and rare diseases, recently closed its underwritten public offering of 10,637,500 shares of common stock, which includes 1,387,500 shares representing the over-allotment option that the underwriters fully exercised. With shares sold at the public offering price of $9.75 each, the offering resulted in gross proceeds of roughly $103.7 million. The company plans to use the proceeds toward its clinical programs and for general corporate purposes. ROTH Capital Partners acted as co-manager for the offering.
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About ArQule, Inc.
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 its patients. ArQule’s clinical-stage pipeline consists of four drug candidates, all of which are in targeted, biomarker-defined patient populations, making ArQule a leader among companies its 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. For more information, visit the company’s website at www.Arqule.com.
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