WASHINGTON (dpa-AFX) - ArQule Inc (ARQL) Wednesday announced that it has priced an underwritten public offering of 7.15 million shares of common stock at a price of $7.30 per share.
The company further noted that it has granted the underwriters a 30-day option to purchase up to an additional 1,072,500 shares of common stock.
Arqule stated that it expects to realize net proceeds, after deducting underwriting discounts and commissions and estimated expenses, of approximately $48.7 million.
The company further added that the offering is expected to close on or about April 16, 2012, subject to customary closing conditions.
Citigroup and Leerink Swann have been appointed as joint book-running managers for the offering.
Copyright RTT News/dpa-AFX
© 2012 AFX News
