ArQule, Inc. (NASDAQ: ARQL) today announced the pricing of an
underwritten public offering of 7,150,000 shares of its common stock at
a price of $7.30 per share. The net proceeds to ArQule from the sale of
the shares, after deducting underwriting discounts and commissions and
estimated expenses, are expected to be approximately $48.7 million. The
offering is expected to close on or about April 16, 2012, subject to
customary closing conditions. Citigroup and Leerink Swann are acting as
joint book-running managers for the offering. Lazard Capital Markets,
RBC Capital Markets and Oppenheimer & Co. are acting as co-managers.
ArQule has granted the underwriters a 30-day option to purchase up to an
additional 1,072,500 shares of common stock. The expected net proceeds
to ArQule referenced above do not include any net proceeds that ArQule
would receive if the underwriters exercise such option to purchase
additional shares.