ArQule bailed out of deeper loss by Daiichi

USA-based firm ArQule's loss was marginally deeper for the three months ending September 30, 2008, compared to the same period of the year before, on flat sales and dropping interest income.

Revenue was $2.7 million during both periods, all from R&D activities, expenses for which were 14% lower at $10.8 million. Interest income, however, fell to $557,000 versus $2.0 million.

The firm's net loss worsened by 2% to $11.3 million, though loss per share remained flat at $0.26. The company's cash, cash equivalents and short-term marketable securities have nearly halved since December 31, 2007, falling to just $74.7 million.