Boulder's Array BioPharma reports 2Q earnings, beats Street expectations
Array BioPharma Inc., a late-stage drug development company based in Boulder, this week reported lower revenue and a wider net loss for its second fiscal quarter, but the results beat analyst expectations. During the quarter that ended on Dec. 31, 2012, Array posted a net loss of $10.93 million, or 10 cents per share, on revenue of $18.38 million. Analysts surveyed by Thomson One Analytics projected Array would post a net loss of $12.89 million, or 14 cents per share, on revenue of $16.52 million. In the comparable year-ago quarter, the Boulder firm had a net loss of $3.8 million, or 6 cents, and revenue of $23.23 million. Array officials said the decline in revenue occurred because the firm received a $28 million licensing payment from Genentech in the second fiscal quarter that ended on Dec. 31, 2011. In the most recent quarter, Array paid Novartis a $9.2 million co-development contribution royalty payment for MEK162, a MEK inhibitor slated to begin a Phase 3 trial. Array ended the quarter with $110 million in cash, cash equivalents and marketable securities. Array (Nasdaq: ARRY) also made “significant progress” in furthering the progress of its wholly owned hematology programs, officials said.