ArQule swings to loss

Biotechnology company ArQule Inc. on Thursday posted a first-quarter loss, reversing a year-ago profit which included significant income from discontinued operations.

The company posted a loss of $14.5 million, or 40 cents per share in the latest quarter, compared with year-ago net income of $4.3 million or 12 cents per share, which included income from discontinued operations of $14 million, or 40 cents per share.

Arqule ceased its chemistry services operations in May 2006 after Pfizer concluded its agreement with the company.

Revenue remained flat at $1.7 million.

Analysts polled by Thomson Financial expected a loss of 41 cents per share on revenue of $1.7 million. (AP)