Date: 2016-02-29
Type of information: Private placement
Company: ARqule (USA -MA)
Investors: institutional and accredited investors
Amount: $15.2 Million
Funding type: private placement
Planned used: ArQule intends to use the net proceeds from this offering to advance clinical trials related to its proprietary pipeline, including ARQ 092, ARQ 087 and ARQ 751, as well as advance pre-clinical research of its proprietary BTK inhibitor program, and for general corporate purposes, including working capital.
Others: * On February 29, 2016, ArQule announced it has entered into definitive agreements with certain institutional and accredited investors to raise approximately $15.3 million in gross proceeds in a registered direct offering through the sale of 8,027,900 shares of common stock at an offering price of $1.90 per share. The purchase of each share of common stock includes an option to purchase approximately 0.4444 shares of common stock at an exercise price of $2.50 per share. The options will be exercisable immediately following the closing date and will expire 12 months after the public announcement of the outcome of the pre-planned interim assessment of the METIV-HCC trial subject to certain extensions. ArQule estimates the net proceeds from this offering will be approximately $15.2 million, after deducting estimated offering expenses. The offering is expected to close on or about March 2, 2016, subject to satisfaction of customary closing conditions. Should all the options be exercised, ArQule would expect to raise approximately an additional $8.9 million in net proceeds and issue an additional 3,567,956 shares of common stock.
Therapeutic area: Cancer - Oncology
