13G Filing: Biotechnology Value Fund LP 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 1,378,710 (1)
PERSON WITH 7 SOLE DISPOSITIVE POWER
0 shares
8 SHARED DISPOSITIVE POWER
1,378,710 (1)
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,378,710 (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 1,116,177 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.
4

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