NEW YORK (TheStreet) - Like many biotech stocks, shares of Array BioPharma (ARRY) - Get Report have done well over the past year - up 55%. CEO Ron Squarer remains optimistic about the company's future. 

Array BioPharma has inked some lucrative deals. It regained the full rights to its Phase 3 oncology drug program, binimetinib, which the company was previously partnered on with Novartis (NVS) - Get Report, Squarer said. 

This drug could have a "wildly active" number of applications, potentially being used to treat lung, thyroid and ovarian cancers, as well as several other possibilities. The lung cancer market could be a $1 billion opportunity, he added. 

The company also acquired a second Phase 3 oncology program from Novartis with its encorafenib treatment. It can be used in combination with binimetinib for cancer treatments, Squarer said.

A third drug, selumetinib, is expected to have regulatory filing within the next year, a treatment that Array is partnered with AstraZeneca (AZN) - Get Report on. 

Array BioPharma ARRY data by YCharts

As for valuations, Squarer said there will always be winners and losers in the biotech space, but today's technology is impressive and is capable of creating plenty of opportunities. 

In particular, many of the small biotech companies have received huge valuations from investors, but that's because the technology is so promising, and despite the lack of late-stage trials. 

That's where Array BioPharma differs from its competition, he said. The company has several late-stage clinical trials and will hopefully see approval of its Phase 3 results sooner rather than later. 

There are a "great deal of catalysts coming up that could make the future look very bright for Array," he said.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.