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ArQule Reports Second Quarter 2012 Financial Results

Stocks in this article: ARQL

General and administrative costs for the three and six-month periods ended June 30, 2012 were $3,514,000 and $7,113,000 respectively, compared with $3,552,000 and $7,095,000 for the 2011 three and six-month periods.

Confirmed Financial Guidance

As previously stated, for 2012 ArQule expects net use of cash to range between $39 and $44 million. Revenues are expected to range between $40 and $45 million. Net loss is expected to range between $15 and $20 million. Net loss per share is expected to range between $(0.25) and $(0.33) for 2012. ArQule expects to end 2012 with between $121 and $126 million in cash and marketable securities.

Conference Call and Webcast

 
 
Date: Thursday, August 2, 2012
Time: 9:00 a.m. Eastern Time
Conference Call Numbers
Domestic: 877-868-1831
International: 914-495-8595
Web cast:

http://investors.arqule.com/events.cfm

A replay of the conference call will be available for seven days following the call and can be accessed by dialing toll-free 855-859-2056 and outside the U.S. 404-537-3406. The replay access code is 99910692.

About ArQule

ArQule is a biotechnology company engaged in the research and development of next-generation, small-molecule cancer therapeutics. The Company’s targeted, broad-spectrum products and research programs are focused on key biological processes that are central to human cancers. ArQule’s lead product, in Phase 2 and Phase 3 clinical development, is tivantinib (ARQ 197), an oral, selective inhibitor of the c-MET receptor tyrosine kinase. The Company has also initiated Phase 1 clinical testing with ARQ 621, designed to inhibit the Eg5 kinesin motor protein, and with ARQ 736, designed to inhibit the RAF kinases. ArQule’s current discovery efforts, which are based on the ArQule Kinase Inhibitor Platform (AKIP™), are focused on the identification of novel kinase inhibitors that are potent, selective and do not compete with ATP (adenosine triphosphate) for binding to the kinase.

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