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ArQule Raising $41M in Stock Sale

Woburn, MA-based ArQule (NASDAQ:ARQL), a developer of cancer drugs, said yesterday that it priced a public offering of 7 million shares of common stock at $6.15 per share, expecting to bring in net proceeds of $40.5 million from the stock sale. The company gave underwriters of the offering the option to buy up to 1.05 million more shares to cover over-allotments. The offering is expected to close on January 25.