-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, G8PHBVMViniuVfuG5ysglR7fnpIMggK0/lzlLGXr4/+usu1meu3Z4vKPk0WCBKVM 9SbPSfWObkRLN7W/OU2AFg== 0001104659-08-045477.txt : 20080714 0001104659-08-045477.hdr.sgml : 20080714 20080714160211 ACCESSION NUMBER: 0001104659-08-045477 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20080708 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant FILED AS OF DATE: 20080714 DATE AS OF CHANGE: 20080714 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ARQULE INC CENTRAL INDEX KEY: 0001019695 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 043221586 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21429 FILM NUMBER: 08950869 BUSINESS ADDRESS: STREET 1: 19 PRESIDENTIAL WAY CITY: WOBURN STATE: MA ZIP: 01801 BUSINESS PHONE: 781-994-0300 MAIL ADDRESS: STREET 1: 19 PRESIDENTIAL WAY CITY: WOBURN STATE: MA ZIP: 01801 8-K 1 a08-19296_18k.htm 8-K

 

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 8, 2008

 

ARQULE, INC.

(Exact Name of Issuer as Specified in Charter)

 

Delaware

 

000-21429

 

04-3221586

(State or other jurisdiction

 

(Commission File Number)

 

(I.R.S. Employer

of incorporation)

 

 

 

Identification No.)

 

19 Presidential Way

Woburn, MA

(Address of principal executive offices)

 

01801

(Zip code)

 

(781) 994-0300

(Registrant’s telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

 

o

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

 

 

o

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

 

 

 

o

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

 

 

 

o

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


 

 

Section 1— Registrant’s Business and Operations

 

Item 1.01 Entry into a Material Definitive Agreement.

 

The information provided in response to Item 2.03 is incorporated herein by reference.

 

Section 2 — Financial Information

 

Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant.

 

On July 8, 2008, ArQule, Inc. (the “Registrant”) entered into a collateralized, revolving credit line agreement for up to $47.5 million with UBS Bank USA (the “Facility”).  The Facility is secured by a first priority lien and security interest in  the auction rate securities held by the Registrant in an account with UBS Financial Services Inc., an affiliate of UBS Bank USA. The credit line is uncommitted and any outstanding balance, including interest, is payable upon demand.  Variable rate advances under the Facility currently bears interest at LIBOR plus 100 basis points and interest will be payable monthly.

 

The Facility replaces the $15 million standard margin loan agreement with UBS Financial Services Inc. the Registrant entered into on May 8, 2008.

 

On July 8, 2008, the Registrant drew down $30 million under the Facility. The funds will be available for research and development efforts, including clinical trials, and for general corporate purposes, including working capital.

 

A copy of the credit line agreement will be filed as an exhibit to the Registrant’s Form 10-Q on or about November 10, 2008.

 

 

2


 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

 

ARQULE, INC.

 

 

 

(Registrant)

 

 

 

 

 

 

 

 

 

 

 

/s/ Peter S. Lawrence

 

 

 

Peter S. Lawrence

 

 

 

President and Chief Operating Officer

 

July 14, 2008

 

 

 

 

 

 

 

 

 

 

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