Thursday, clinical-stage biotechnology company ArQule Inc. (ARQL) said its first quarter loss narrowed from last year, as revenues improved year-on-year. Further, the company backed full year outlook.
The Woburn, Massachusetts-based ArQule's net loss was $10.0 million or $0.23 per share for the quarter, narrower than $14.0 million or $0.32 per share in the same period last year. On average, six analysts polled by Thomson Reuters expected the company to report a loss of $0.21 per share for the quarter. Analysts' estimates typically exclude special items.
Quarterly revenues totaled $5.42 million, up from $3.53 million in the comparable quarter last year. Analysts expected the company to report revenue of $5.31 million for the quarter.
The increase in revenues in the quarter was primarily due to revenue from the company's development and research collaboration agreements with Daiichi Sankyo Co., Ltd. entered into in late 2008.
Backing prior guidance, the company expects for fiscal 2009 a net loss in the range of $44 million - $47 million or $0.98 - $1.05 per share on revenues in the range of $21 million - $24 million. Analysts currently anticipate the company to report a loss of $0.97 per share on revenue of $23.57 million.
ARQL closed Thursday's trading at $3.81, down $0.20 or 4.99%, on a volume of about 127 thousand shares.
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