ArQule Completes $30 Million Financing
Enrollment of First Patient in Phase 1b/2 Combination Trial of ARQ 501 and Gemcitabine
ArQule, Inc. announced that it has closed its previously announced registered direct offering. The company sold approximately 5.78 million shares of its common stock at $5.25 per share, for aggregate proceeds of approximately $30 million. The small group of investors included both existing and new shareholders. J.P. Morgan Securities Inc. acted as exclusive placement agent for the transaction.
ArQule successfully enrolled its first patient in a Phase 1b/2 combination trial of ARQ 501 and gemcitabine. The phase 1b component is an open label dose escalation study that is being conducted at two leading clinical research sites within the United States, enrolling patients with advanced cancer, some of whom may have previously received gemcitabine. ArQule anticipates that this component will be followed by a phase 2 study exploring the use of ARQ 501 and gemcitabine in patients with advanced cancer. The Phase 1b/2 study is being conducted by ArQule as part of its strategic alliance with Roche to explore novel activators of the E2F pathway.
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