Strong revenue rise for ArQule

For the second quarter of 2001, ArQule has reported revenues of $13.7million, an increase of 13.1%, while net loss, excluding stock-based compensation, amortization of goodwill and purchased intangibles relating to the firm's merger with Camitro Corp (Marketletter January 22), was just under $2.3 million. This compares with net income of $609,000 in the like, year-earlier period.

Stephen Hill, ArQule's chief executive, said that during the quarter, "we were able to...work aggressively towards our goal of becoming a pre-eminent drug discovery company while continuing to meet or exceed our current collaborators' demands and expectations."