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ArQule 4Q loss grows slightly, but revenue rises

Tue, 03/02/2010 - 4:17am
The Associated Press

Biotechnology company ArQule Inc. said Tuesday its fourth-quarter loss grew slightly, as an increase in research and development expenses was partially balanced by a boost in partnership payments.

The Woburn, Mass., company said it lost $9.87 million, or 22 cents per share, in the three months that ended Dec. 31. That compares with a loss of $9.63 million, or 22 cents per share, in the final quarter of 2008.

Revenue grew 36 percent to $7.29 million from $5.37 million, mainly due to research collaboration agreements with Japanese drugmaker Daiichi Sankyo Co.

Research and development expenses also grew 36 percent to $14.1 million, due to costs tied to clinical programs for the company's potential cancer treatment ARQ 197. CEO Paolo Pucci said in a statement ArQule's 2010 objectives include possibly moving the treatment into late-stage clinical trials if results from mid-stage studies warrant that.

For the full year, ArQule lost $36.1 million, or 82 cents per share, versus a net loss of $50.9 million, or $1.16 per share, in 2008.

For 2010, ArQule expects a net loss ranging between $34 million and $38 million, or 76 cents to 84 cents per share. The average estimate by four analysts surveyed by Thomson Reuters was for a loss of 90 cents a share.

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