Arqule Inc Lowers FY 2012 Revenue Guidance; Raises FY 2012 Earnings Guidance

Arqule Inc announced that it is revising its guidance for fiscal 2012 based on the following considerations. As a result of the October 2012 decision to terminate the MARQUEE trial, the development period for recognition of revenue from the Company's tivantinib collaboration agreement with Daiichi Sankyo has been extended to June 2015. Consequently, commencing with the fourth quarter of 2012, revenue will be recognized over this new development period. In addition, the Company anticipates a reduction in expenses in 2012 related primarily to lower outsourced costs related to tivantinib and pre-clinical development programs. For fiscal 2012, the Company expects revenues to range between $34 and $37 million, Net loss to range between $12 and $15 million and Net loss per share to range between $(0.20) and $(0.25) for 2012.