Dr. Stephen Hill to Leave Company
Conference Call Scheduled for January 8, 2008, 8:30 a.m. Eastern
WOBURN, Mass.--(BUSINESS WIRE)--Jan. 7, 2008--ArQule, Inc.
(NASDAQ: ARQL) today announced that it has initiated a search for a
successor to Dr. Stephen A. Hill, its current president and chief
executive officer, who has communicated to the board of directors his
intention to leave ArQule in early 2008.
During his nine-year tenure, Dr. Hill has successfully led
ArQule's transition from a combinatorial chemistry services company to
an integrated, oncology-focused research and development organization.
"I am delighted that ArQule is in a strong position, with a truly
exciting opportunity in our c-Met inhibitor program, along with other
preclinical and clinical programs," said Dr. Hill. "The company is
well capitalized and well positioned to continue its successful
growth. I feel that this is the right time to step aside as CEO, both
to pursue my own career interests and to allow a transition in
leadership at a time of strength for the company.
"After almost a decade of leadership responsibility at ArQule, I
am indebted to the Company's employees, past and present, for their
support and commitment," said Dr. Hill. "I believe that now is the
optimal time for me to move on to a new opportunity, about which I
hope to be able to share more detail in the near future."
Peter S. Lawrence, who was recently appointed to the position of
chief operating officer, will take operational responsibility for
leadership of the Company, with accountability to the chairman of the
board, Patrick J. Zenner. Dr. Hill will remain in his position until
his departure and will continue to provide strategic advice and
support to Mr. Lawrence and the executive team at ArQule until a new
president and chief executive officer is appointed. A search committee
has been appointed by the board and will consider Mr. Lawrence and
external candidates for the CEO position.
"On behalf of the ArQule board of directors, I would like to thank
Steve Hill for his strategic leadership of the Company through a time
of efficient and effective transition from one business model to
another," said Mr. Zenner. "The entire board joins me in wishing him
success in his future endeavors.
"During the past two years, ArQule has established its identity as
a promising early-stage oncology company," said Mr. Zenner. "We are
excited by our prospects for generating proof-of-principle clinical
data this year and beyond in one of the most interesting areas of
cancer therapy, c-Met inhibition. The Company also looks forward to
introducing new product candidates discovered through what we believe
is a powerful research engine that combines insights into the biology
of cancer with a unique chemistry expertise validated in the course of
our previous chemistry services collaborations."
Investor Conference Call
ArQule will host an investor conference call tomorrow, January 8,
2008 at 8:30 a.m. eastern time.
Date: Tuesday, January 8
Time: 8:30 a.m. eastern time
Conference Call Numbers
Domestic: (800) 320-2978
International: (617) 614-4923
Participant passcode: 67042861
A replay of the conference call will be available beginning at
10:30 a.m. on January 8, 2008 for seven days and can be accessed by
dialing 1-888-286-8010 from the U.S. and Canada, and 1-617-801-6888
from outside the U.S. For archived calls, the access code is 34903894.
ArQule is a biotechnology company engaged in the research and
development of next-generation, small-molecule cancer therapeutics.
The Company's targeted, broad-spectrum products and research programs
are focused on key biological processes that are central to cancer.
ArQule's lead clinical-stage products have been generated from two
scientific platforms: Cancer Survival Protein modulation and Activated
Checkpoint Therapy(R) (ACT). The Cancer Survival Protein modulation
platform has generated a clinical-stage product that mediates its
effects by inhibiting the activity of a molecule known as c-Met, which
plays multiple roles in cancer cell growth, survival, invasion,
angiogenesis and metastasis. The ACT platform is designed to kill
cancer cells selectively while sparing normal cells through direct
activation of DNA damage response/checkpoint pathways. The Company's
lead ACT program, based on the E2F-1 pathway, is partnered with
Hoffman-La Roche. For more information, please visit www.arqule.com.
This press release contains forward-looking statements regarding
the Company's clinical-stage products and its discovery of new product
candidates. These statements are based on the Company's current
beliefs and expectations, and are subject to risks and uncertainties
that could cause actual results to differ materially. Positive
information about early stage clinical trial results does not ensure
that later stage or larger scale clinical trials will be successful.
The results achieved in later stage trials may not be sufficient to
meet applicable regulatory standards. Problems or delays may arise
during clinical trials or pre-clinical development or in the course of
developing, testing or manufacturing these compounds that could lead
the Company or its partner to discontinue development. Even if later
stage clinical trials are successful, the risk exists that unexpected
concerns may arise from analysis of data or from additional data or
that obstacles may arise or issues be identified in connection with
review of clinical data with regulatory authorities or that regulatory
authorities may disagree with the Company's view of the data or
require additional data or information or additional studies. In
addition, the planned timing of initiation and completion of clinical
trials, as well as the planned timing and initiation of pre-clinical
activities, are subject to the ability of the Company to enroll
patients, enter into agreements with clinical trial sites and
investigators, and resolve other technical hurdles and issues. The
Company may also not be able to fund and to successfully advance
internal research activities and to progress pre-clinical compounds
into clinical development. Drug development involves a high degree of
risk. Only a small number of research and development programs result
in the commercialization of a product. Furthermore, ArQule may not
have the financial or human resources to successfully pursue drug
discovery in the future. For more detailed information on the risks
and uncertainties associated with the Company's drug development and
other activities see the Company's periodic reports filed with the
Securities and Exchange Commission. The Company does not undertake any
obligation to publicly update any forward-looking statements.
CONTACT: ArQule, Inc.
William B. Boni, 781-994-0300
VP, Investor Relations/
SOURCE: ArQule, Inc.