ArQule announces management, board changes

By Lisa Kerner

Erie, Pa., April 13 - ArQule, Inc. said recent changes in its management and board of directors reflect the company's transition to a sustainable research and development-based company from a chemical services business.

"These changes reflect the organic, carefully planned growth of ArQule and the conclusion of tenures that have coincided with the transition of the company to an oncology-focused research and clinical development entity with products in clinical development and with a commitment to further growth as a therapeutics company," president and chief executive officer Stephen A. Hill said in a news release. Peter S. Lawrence was named to the new position of general counsel and chief business officer. He is a founder and general partner of Pod Holding Ltd., a $100 million venture capital firm in Boston.

Louise A. Mawhinney, chief financial officer, is planning to leave the company after the search for her successor is completed.

ArQule is also seeking to fill the position of chief medical officer.

Joining the ArQule board of directors will be Dr. Nancy A. Simonian, senior vice president of clinical, medical and regulatory affairs at Millennium Pharmaceuticals, Inc.

Laura Avakian and Dr. Werner Cautreels are resigning from the board of directors.

ArQule is a biotechnology company engaged in the research and development of next-generation, small-molecule cancer therapeutics. The company is located in Woburn, Mass.

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