ArQule, Inc. (NASDAQ: ARQL) today announced the completion of its previously announced public offering of 8,222,500 shares of its common stock, including 1,072,500 shares issued pursuant to the underwriters’ full exercise of their option to purchase additional shares, at a public offering price of $7.30 per share. Net proceeds to ArQule of the public offering are approximately $56 million after deducting underwriting discounts and commissions and estimated offering expenses. Citigroup and Leerink Swann acted as joint book-running managers for the offering. Lazard Capital Markets, RBC Capital Markets and Oppenheimer & Co. acted as co-managers. The securities described above were sold by ArQule pursuant to a registration statement previously filed and declared effective by the Securities and Exchange Commission. This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale 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 any such jurisdiction. Copies of the final prospectus supplement and base prospectus relating to this offering may be obtained from Citigroup, Brooklyn Army Terminal, 140 58 th Street, 8 th Floor, Brooklyn, New York 11220, telephone at 800-831-9146, or Leerink Swann LLC, Attention: Syndicate Prospectus Department, One Federal Street, 37 th Floor, Boston, Massachusetts 02110, by telephone at 800-808-7525, or by facsimile at 617-918-4900. This press release includes forward-looking statements. For these statements, ArQule claims the protection of the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. It should be noted that there are risks and uncertainties related to the public offering. A review of risks faced by the Company can be found in ArQule’s Annual Report on Form 10-K for the fiscal year ended December 31, 2011, the prospectus filed with the Securities and Exchange Commission in connection with the offering and other reports and documents filed with the Securities and Exchange Commission.