1st-qtr 2001 net losses surge at ArQule
US firm ArQule reported a 34.2% rise in revenues to $13.9 million forthe first quarter of 2001, but net losses surged to $20.3 million, compared with $1.3 million in the like, 2000 quarter. Basic and diluted earnings per share were -$1.07, compared with -$0.10. Much of this was due to in-process R&D costs of $18 million.
During the reporting quarter, ArQule closed its merger with Camitro, an in silico ADMET predictive modeling company and entered into a technology co-development agreement with NonoDesign for the de novo design of compounds (Marketletter January 22). Results from Camitro, effective January 29, are included in the results. In addition, ArQule extended its collaborations with Solvay and Sankyo through 2002 and 2004 respectively (Marketletter April 9 Stock Comment).
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