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Array Biopharma Posts Smaller Fiscal 4Q Loss

From Associated Press (August 14, 2012)

BOULDER, Colo. -- Shares of Array BioPharma Inc. rose Tuesday, a day after the company reported it took a smaller loss in the fiscal fourth quarter as it continued development of some of its experimental drugs.

Array is testing drugs for pain, cancer, blood and bone marrow disorders, and hepatitis C. The company said late Monday that together with its partners, it could be ready to advance as many as five drug candidates into mid and late-stage testing by June 30, the end of its new fiscal year. Array is developing two of those drugs on its own and the other three through partnerships with bigger drug companies.

The company said its lost $8 million, or 9 cents per share, in the latest quarter. A year ago the company lost $21.8 million, or 38 cents per share, in the fiscal fourth quarter. Revenue edged up 9 percent, to $20.7 million from $19 million, while research and development spending fell to $14.9 million from $19.3 million. The company also reported lower interest expense.

Analysts were forecasting a larger loss of 12 cents per share and $21.5 million in revenue, according to estimates compiled by FactSet.

In afternoon trading, shares of Array BioPharma rose 25 cents, or 5.5 percent, to $4.81.

Array is developing the hepatitis C drug danoprevir through a partnership with Roche, and two melanoma drugs through partnerships with Novartis AG and AstraZeneca PLC. It holds the rights to the non-opioid pain drug ARRY-797 and the myelodysplastic syndrome drug ARRY-614. Myelodysplastic syndrome affects the production of blood cells.

For fiscal 2012, Array pared its loss to $23.6 million, or 33 cents per share, from $56.3 million, or $1.02 per share. Revenue grew 18 percent, to $85.1 million from $71.9 million.

Posted: August 2012