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Array BioPharma Reports Financial Results For The Fourth Quarter And Full Year Of Fiscal 2012

Stocks in this article: ARRY

Array BioPharma Inc. (NASDAQ: ARRY) today reported results for the fourth quarter and full year of fiscal 2012.

Array reported revenue of $20.7 million for the fourth quarter of fiscal 2012, compared to revenue of $19.0 million for the same period in fiscal 2011. The Company recorded expenses of $14.9 million on proprietary research and development for the quarter to advance its clinical development and discovery programs, compared to $19.3 million during the same period last year. Array reported a net loss of $8.0 million, or ($0.09) per share, for the fourth quarter, compared to a net loss of $21.8 million, or ($0.38) per share, for the same period last year. Array ended the fourth quarter of fiscal 2012 with $90 million in cash, cash equivalents and marketable securities.

Array reported revenue of $85.1 million for the fiscal year ended June 30, 2012, compared to revenue of $71.9 million for fiscal 2011. Net loss for the fiscal year ended June 30, 2012 was $23.6 million, or ($0.33) per share, compared to a net loss of $56.3 million, or ($1.02) per share, reported in fiscal 2011. Array spent $56.7 million in proprietary research and development for the year, compared to $63.5 million for fiscal 2011.

Array is evolving into a late-stage development company, with two wholly-owned programs, ARRY-614 and ARRY-520, and three partnered programs, selumetinib partnered with AstraZeneca, MEK162 partnered with Novartis, and danoprevir, partnered with InterMune / Roche, having potential Phase 3 decisions by the end of calendar year 2013.

Array currently has ten drug candidates in Phase 2 clinical development, seven of which are funded through partnerships with global pharmaceutical and biotechnology companies. Over the next year, the company expects results from the following five clinical trials:

  • Phase 1 dose escalation trial for the new formulation of ARRY-614 in patients with myelodysplastic syndromes
  • Phase 2 combination trial for ARRY-520 plus dexamethasone in patients with multiple myeloma who are refractory to Revlimid® (lenalidomide), Velcade® (bortezomib) and dexamethasone therapy
  • Phase 1b combination trial for ARRY-520 plus Velcade in patients with relapsed or refractory multiple myeloma
  • Phase 2a trial for ARRY-502 in patients with persistent asthma
  • Phase 2a trial for AMG151 trial in patients with Type 2 diabetes

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