WOBURN, Mass., Apr 15, 2008 (BUSINESS WIRE) -- ArQule, Inc. (NASDAQ: ARQL) today announced the appointment of
Paolo Pucci as chief executive officer and a member of the Company's
board of directors, effective June 9, 2008. Mr. Pucci succeeds Dr.
Stephen A. Hill, who joined Solvay Pharmaceuticals as president and
chief executive officer on April 1, 2008. Peter Lawrence will remain
at ArQule as president and chief operating officer.
Mr. Pucci comes to ArQule from Bayer A.G., where he currently
serves as senior vice president and president in charge of the
Bayer-Schering Pharmaceuticals Global Oncology/Specialized
Therapeutics Business Units. Previously Mr. Pucci was senior vice
president and president of Bayer Pharmaceuticals Global Specialty
Business Unit, head of U.S. Pharmaceutical Operations and a member of
the Bayer Pharmaceuticals Global Management Committee. Mr. Pucci
joined Bayer as head of its Italian Pharmaceutical operations in 2001.
Prior to Bayer, Mr. Pucci held positions of increasing responsibility
with Eli Lilly, culminating with his appointment as managing director,
Eli Lilly Sweden AB. At Lilly, his responsibilities included
operations, sales, marketing and strategic planning. Mr. Pucci holds
an MBA from the University of Chicago and is a graduate of the
Universita Degli Studi Di Napoli in Naples, Italy.
"Paolo Pucci brings to ArQule an ideal set of professional
experiences and skills spanning clinical development, regulatory
review, corporate alliance management, product launch and marketing,"
said Patrick J. Zenner, chairman of ArQule's board of directors. "In
particular, his experience with Nexavar(R) (sorafenib), an oral
multiple kinase inhibitor to treat liver and kidney cancers, will be
invaluable as ArQule advances ARQ 197 and its other product candidates
in advanced-stage clinical trials leading to regulatory review and
"Paolo's success in leading stand-alone business units within
large pharmaceutical companies makes him a good fit for the
entrepreneurial culture of ArQule," said Mr. Zenner. "His team
leadership approach, as exhibited at Bayer and Lilly, will also serve
him well as he guides the Company into its next stages of growth."
"I am looking forward to joining ArQule at an inflection point in
the Company's growth trajectory," said Mr. Pucci. "ArQule is a well
positioned innovator with a novel lead compound in Phase 2 clinical
trials and multiple earlier-stage product candidates that are
differentiated from the competition. Having contributed to the
advancement of novel treatments that have delivered tangible benefits
to cancer patients, I believe ArQule has the capability to introduce a
new generation of molecules that target cancer cells with a high
degree of specificity. These products, and the technology platforms
upon which they are based, have the potential to significantly improve
the way cancer is treated."
"The entire board would like to thank Peter Lawrence for his
leadership of ArQule during this transition period," said Mr. Zenner.
"We look forward to Paolo Pucci assuming the role of chief executive
officer, and we share his enthusiasm for the prospects of the Company
as embodied in its clinical-stage products and its pipeline."
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 clinical-stage products consist of ARQ 197, an inhibitor of
the c-Met receptor tyrosine kinase, and ARQ 501, an activator of the
cell's DNA damage response mechanism mediated by the E2F-1
transcription factor. The Company's most advanced pre-clinical
development programs are focused on ARQ 761, a second-generation E2F-1
activator, as well as compounds that inhibit the Eg5 kinesin spindle
protein and the B-RAF kinase. ArQule's discovery efforts are focused
on the identification of novel kinase inhibitors that are potent,
selective and do not compete with ATP (adenosine triphosphate), an
energy source for cells.
This press release contains forward-looking statements regarding
the Company's products and 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. For example, the Company's may not
demonstrate promising therapeutic effect; in addition, they may not
demonstrate an appropriate safety profile in current or later stage or
larger scale clinical trials as a result of known or as yet
unanticipated side effects. 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 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 are subject to the ability of the Company to enroll
patients, enter into agreements with clinical trial sites and
investigators, and other technical hurdles and issues that may not be
resolved. 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.
SOURCE: ArQule, Inc.
William B. Boni, 781-994-0300
VP, Investor Relations/