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ArQule shares boosted by positive results from study of cancer-fighting inhibitor ARQ 531

ArQule said ARQ 531 demonstrated substantial anti-tumor activity and a favorable safety profile

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ArQule develops targeted therapeutics to treat cancers and other rare diseases

Shares of ArQule Inc (NASDAQ:ARQL) rose by double-digits Friday after announcing preliminary yet positive results from a Phase 1 dose escalation study for its cancer-fighting inhibitor ARQ 531.

The study focused on using ARQ 531 to treat both wild type and C481S-mutant Bruton’s tyrosine kinase in patients with relapsed or refractory hematologic malignancies which are leukemias and lymphomas.

ArQuale said ARQ 531 demonstrated substantial anti-tumor activity and a favorable safety profile.

The company’s stock recently traded up 35% to $8.44 a share.

READ: Oppenheimer initiates coverage on ArQule with an Outperform rating and US$7 price target

ArQule presented the results at the 2019 European Hematology Association (EHA) Annual Meeting in Amsterdam, the Netherlands.

“The profile of ARQ 531 continues to strengthen, and we are delighted to be able to demonstrate such compelling clinical activity at a well-tolerated dose in patients who have already exhausted available therapies,” said Dr Brian Schwartz, chief medical officer. “We are now focused on finalizing the recommended phase 2 dose and planning for the expansion of our clinical efforts with ARQ 531 into later stage trials across multiple indications as a single agent and as a combination therapy.”

ArQle, based in Burlington, Massachusetts, is a biopharmaceutical company engaged in the research and development of targeted therapeutics to treat cancers and other rare diseases.

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Quick facts: ArQule, Inc.

Price: 7.76 USD

NASDAQ:ARQL
Market: NASDAQ
Market Cap: $936.89 m
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