Wednesday, January 30, 2008

ArQule's top officer headed south

The president and CEO of Woburn biotech ArQule Inc. plans to leave for the chief executive post at a Marietta, Ga.-based drug firm, the biotech reports.

Stephen Hill is expected to leave ArQule in March and join Solvay Pharmaceuticals Inc. in April, according to ArQule. ArQule had previously disclosed Hill's plans to leave the company.

Hill joined ArQule nine years ago. Peter Lawrence, COO of ArQule, has been appointed to lead the company while it searches for a new CEO, the company said.

ArQule, which a developer of small-molecule drugs for cancer, reported a 2006 net loss of $31.4 million on revenue of $6.6 million. The biotech company employs 98 workers.