ArQule (ARQL) - Get Report shares are up more than 35% Friday after the company announced positive phase 1 results from the trial of its orally bioavailable, potent and reversible dual inhibitor for patients with relapsed or refractory hematologic malignancies. 

"The profile of ARQ 531 continues to strengthen, and we are delighted to be able to demonstrate such compelling clinical activity at a well-tolerated dose in patients who have already exhausted available therapies," commented Dr. Brian Schwartz, Chief Medical Officer of ArQule. "We are now focused on finalizing the recommended phase 2 dose and planning for the expansion of our clinical efforts with ARQ 531 into later stage trials across multiple indications as a single agent and as a combination therapy."

The phase 1 study is an open label, single arm dose escalation study with eight levels of dosage once a day in patients with relapsed or refractory chronic lymophcytic leukemia.