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Biotech / Medical : Biotech Restructurings -- Ignore unavailable to you. Want to Upgrade?

To: Icebrg who wrote (51)	12/10/2002 4:21:18 PM
From: Icebrg	Read Replies (1) \| Respond to of 270

ArQule Announces Restructuring to Focus on Current Partnerships and Internal Drug Discovery Tuesday December 10, 4:06 pm ET Conference Call and Webcast Scheduled for Wednesday at 8:30 a.m. ET WOBURN, Mass., Dec. 10 /PRNewswire-FirstCall/ -- ArQule, Inc. (Nasdaq: ARQL - News), today announced a corporate restructuring. As part of this action, the Company is immediately reducing its employee base by 128 people (31 percent). In addition, the Company will close its facilities in Redwood City, California and Cambridge, United Kingdom. The associated restructuring charge is estimated to be $12 million. This charge, which includes severance costs as well as costs related to the closing of two facilities, will be recorded in the fourth quarter. This restructuring initiative is expected to result in annualized savings of up to $12 million.