ArQule rallies on renewed hopes for tivantinib

|By:, SA News Editor

Today's rally in shares of ArQule (ARQL +9.7%) is likely attributable to RBC's Adnan Butt, who Reuters quotes as saying that an upcoming presentation at ESMO could mean another shot for tivantinib in lung cancer.

The drug was effectively left for dead (at least as far as NSCLC goes) last October when ARQL and partner Daiichi Sankyo (DSKYF.PK) dropped a Phase 3 trial due to lack of efficacy.

New data from that trial "could validate the mechanism of action for the drug and potentially allow a path forward in lung cancer as well," Butt says.