ArQule Announces Closing of Public Offering and Full Exercise of Option to Purchase Additional
Shares
ArQule, Inc. (Nasdaq: ARQL) today announced the closing of its previously announced underwritten public offering of common
stock, including the exercise in full by the underwriters of their option to purchase an additional 1,650,000 shares at the public
offering price of $5.50 per share. The exercise of the option to purchase additional shares brought the total number of shares of
common stock sold by ArQule to 12,650,000 shares and increased the gross proceeds raised in the offering, before deducting
underwriting discounts and commissions and estimated expenses of the offering payable by ArQule, to approximately $70 million.
The Company intends to use the net proceeds of the offering to fund its core clinical programs and for general corporate
purposes.
Leerink Partners acted as sole book-running manager for the offering. Needham & Company, LLC acted as lead co-manager, and
Roth Capital Partners, B. Riley FBR and JonesTrading Institutional Services LLC acted as co-managers for the offering.
The securities described above were offered by ArQule pursuant to an effective 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”). A final prospectus supplement and accompanying prospectus relating to the offering filed with the SEC is available on the
SEC’s website located at www.sec.gov or on ArQule’s website, www.arqule.com. Copies of the final prospectus supplement and the accompanying prospectus relating to the
offering 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 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 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, among other things, the expected use of proceeds. 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 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.
Corporate Contact:
ArQule, Inc.
Marc Schegerin, M.D., 781-994-0440
Senior Vice President, Strategy, Communication, and Finance
marc@arqule.com
or
Media Contact:
LifeSci Public Relations
Allison Blum, Ph.D., 646-627-8383
Allison@lifescipublicrelations.com
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