ArQule shares up 4% on narrower loss
USA-based drugmaker ArQule has posted a lower loss than expected on higher revenue and reduced costs. Shares in the firm were up 4% to $3.02 on the day of the news, March 5.
The company's net loss was $50.9 million, or $1.16 loss per share, versus a loss of $53.4 million, or $1.33 loss per share. R&D turnover was up 53% to $14.1 million, while R&D costs were down 8% to $49.6 million.
For the fourth quarter, the firm reported a loss of $9.6 million, or $0.22 per share, vs a loss of $14.4 million, or $0.33 per share. R&D revenue rose 116% to $5.4 million. Thomson Reuters-polled analysts were expecting a loss of $0.28 per share and $3.7 million in revenue.
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