WOBURN, Mass.--(BUSINESS WIRE)--April 18, 2006--ArQule, Inc. (NASDAQ: ARQL - News) today announced the receipt of a milestone payment from Wyeth (NYSE:WYE - News) in connection with the filing of an Investigational New Drug (IND) application by Wyeth to the U.S. Food and Drug Administration (FDA) related to a compound under development for Alzheimer’s disease.
Under its previously established chemistry collaboration agreements with a number of pharmaceutical companies, ArQule received fees for services provided during the active phase of the agreements. These agreements at times include obligations for collaborators such as Wyeth to make milestone and royalty payments based on development milestones for compounds provided to them by ArQule.
ArQule is operationally focused in oncology, where its lead product is under development under an alliance with Roche. The Company has retained and is leveraging its chemistry capabilities to support its internal oncology drug discovery and development efforts.
About ArQule
ArQule, Inc. is a biotechnology company engaged in the research and development of next-generation, small-molecule cancer therapeutics. The Company’s targeted, broad-spectrum products are designed to affect key biological processes that are central to cancer. ArQule’s innovative Activated Checkpoint Therapy(SM) (ACT) platform is generating products designed to improve the way cancer patients are treated by selectively killing cancer cells and sparing normal cells through direct activation of DNA damage response/checkpoint pathways. ArQule’s lead ACT program, based on the E2F pathway, is partnered with Roche. For more information, please visit www.arqule.com.
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, which provides a safe harbor for forward-looking statements made by or on behalf of ArQule. ArQule and its representatives may from time to time make written or oral forward-looking statements, including statements contained in this press release. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “will” and similar expressions identify forward-looking statements. All statements which address operating performance, events or developments that ArQule expects or anticipates will occur in the future, such as projections about its future results of operations or its financial condition, research, development and commercialization of its products and anticipated trends in its business are forward-looking statements within the meaning of the Reform Act. Actual results may differ materially from those projected in the forward-looking statements or historical performance due to numerous risks and uncertainties that exist in ArQule’s operations, development efforts and the business environment, including without limitation: the ACT platform or other, proprietary platforms may not improve efficacy or reduce toxicity, and compounds resulting from these platforms may not operate as intended; the current and future clinical studies may encounter enrollment difficulties and unexpected toxicity; the commencement of the anticipated clinical trials may be delayed or the trials may never commence; the preclinical efforts associated with the product pipeline may fail or prove disappointing; the animal xenograft preclinical studies may be unpredictive of human response; collaborators may terminate their agreements with ArQule because ArQule may fail to satisfy the collaborators’ needs or for other reasons; and, the risks and uncertainties described in ArQule’s filings with the Securities and Exchange Commission. The forward-looking statements contained herein represent the judgment of ArQule as of the date of this report. ArQule disclaims any intent or obligation to update any forward-looking statement except to the extent required by law.
Contact: For ArQule, Inc. William B. Boni, 781-994-0300 www.ArQule.com
Source: ArQule, Inc.
