ArQule 3Q Loss Narrows On Partnership Revenue

WOBURN, Mass. (AP) — Biotechnology company ArQule Inc. said Thursday its third-quarter loss narrowed on a boost in partnership payments, with a focus on the potential cancer treatment ARQ 197.

ArQule reported a loss of $8.1 million, or 18 cents per share, compared with a loss of $11.3 million, or 26 cents per share, a year earlier. Research and development revenue jumped to $6.4 million from $2.7 million.

Thomson Reuters says analysts were expecting a loss of 26 cents per share and $5.9 million in revenue.

The revenue boost came from partnerships with Japanese drugmaker Daiichi Sankyo Co., which includes work on ARQ 197 and with the company's technology platform.

ArQule said it expects a full-year loss between 98 cents and $1.05 per share, on revenue between $21 million and $24 million. Analysts expect a loss of 97 cents per share on revenue of $32.1 million.

ArQule also said it expects to end the year with between $157 million and $160 million in cash and marketable securities.

Shares of ArQule closed at $3.44 Thursday.