On July 11, 2018 ArQule, Inc. (Nasdaq: ARQL) reported the pricing of an underwritten public offering of 11 million shares of its common stock at a price to the public of $5.50 per share (Press release, ArQule, JUL 11, 2018, View Source [SID1234532696]). ArQule has granted the underwriters a 30-day option to purchase up to an additional 1.65 million shares of its common stock. The offering is expected to close on or about July 13, 2018, subject to satisfaction of customary closing conditions. The gross proceeds to ArQule from the offering, excluding any exercise by the underwriters of their 30-day option to purchase additional shares, are expected to be $60.5 million, before deducting underwriting discounts and commissions and other offering expenses payable by ArQule.
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The Company intends to use the net proceeds of the offering to fund its core clinical programs and for general corporate purposes.
Leerink Partners is acting as sole book-running manager for the offering. Needham & Company, LLC is acting as lead co-manager, and Roth Capital Partners, B. Riley FBR and JonesTrading Institutional Services LLC are acting as co-managers for the offering.
The securities described above are being offered by ArQule pursuant to an effective shelf registration statement on Form S-3 (File. No. 333-213456), including a base prospectus, that was previously filed by ArQule with the Securities and Exchange Commission ("SEC"). A final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website located at www.sec.gov or on ArQule’s website, www.arqule.com. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering, when available, may be obtained from Leerink Partners LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, by telephone at (800) 808-7525, ext. 6132 or by email at [email protected].
This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor will there be any sales 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 such jurisdiction.