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ArQule raises $15.7M through private placement

ArQule Inc. raised $15.7 million after selling 13,938,651 shares of the company to certain investors, including BVF Partners LP.

The investors also received warrants to purchase up to an additional 3,123,674 shares of the company at $1.75 apiece.

ArQule intends to use the net proceeds to advance clinical trials of its proprietary pipeline, including derazantinib, ARQ 092, ARQ 531 and ARQ 751.