13G Filing: Biotechnology Value Fund L P and Arqule Inc (ARQL)

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Page 4 of 14 – SEC Filing

1 NAME OF REPORTING PERSON
Biotechnology Value Trading Fund OS LP
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
(b) ☐
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 1,378,980 (1)
PERSON WITH 7 SOLE DISPOSITIVE POWER
0 shares
8 SHARED DISPOSITIVE POWER
1,378,980 (1)
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,378,980 (1)
10 CHECK BOX IF THE
AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
    ☐
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.6% (1)
12 TYPE OF REPORTING PERSON
PN
(1)

Excludes
199,687 shares of Common Stock not issuable upon the exercise of certain warrants due to the warrant exercise limitation. As of
October 16, 2017, the warrant exercise limitation described in the next sentence limits the aggregate exercise of warrants by
the Reporting Persons to 1,115,932 out of the 2,439,932 shares of Common Stock underlying the warrants owned by the Reporting
Persons in the aggregate. The warrants may not be exercised if, after such exercise, the Reporting Persons would beneficially
own in the aggregate, as determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, more than 19.9% of
the number of shares of Common Stock then issued and outstanding. In providing beneficial ownership described herein, the Reporting
Persons have assumed 1,115,932 of the 1,201,053 warrants owned by BVF would be exercised. BVF2 holds warrants to purchase 823,231
additional shares which are excluded herein as a result of the 19.9% limitation. BVTOS holds warrants to purchase 199,687 additional
shares which are excluded herein as a result of the 19.9% limitation. The Reporting Persons through certain managed accounts holds
warrants to purchase 215,961 additional shares which are excluded herein as a result of the 19.9% limitation. See Item 4(a) for
a full description of the Reporting Person’s beneficial ownership.

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