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

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Page 2 of 14 – SEC Filing

1 NAME OF REPORTING PERSON
Biotechnology Value Fund, L.P.
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐☒
(b) ☐
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 8,821,008 (1)
PERSON WITH 7 SOLE DISPOSITIVE POWER
0 shares
8 SHARED DISPOSITIVE POWER
8,821,008 (1)
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,821,008 (1)
10 CHECK BOX IF THE
AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
    ☐
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
10.0% (1)
12 TYPE OF REPORTING PERSON
PN
(1) Includes 1,116,177 shares of Common Stock currently issuable upon the exercise of certain warrants.
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 1,116,177 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 1,116,177 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.
2

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