ArQule set to acquire Cyclis Pharma

FRAMINGHAM (09/24/2003) - Last month, ArQule Inc. was set to acquire Cyclis Pharmaceuticals Inc., a privately held cancer therapeutics company. In addition to US$25 million in cash and common stock, ArQule will assume all of the outstanding debt and liabilities of Cyclis, which are estimated to range between $5 million and $6 million. ArQule believes that Cyclis' approach, Activated Checkpoint Therapy (ACT), has the potential for improved activity and reduced toxicity over other molecular approaches and traditional cancer chemotherapy. Cyclis' lead compound, CO-501, is expected to enter Phase I clinical trials in 2003.

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