News Column

Boulder's Array BioPharma reports wider losses, revenue drops for 4Q, fiscal year

August 12, 2014

By Alicia Wallace, Daily Camera, Boulder, Colo.

Aug. 12--Boulder-based Array BioPharma Inc. closed out its fiscal fourth quarter and year with wider net losses and a drop in revenue, officials for the local biotechnology company reported Tuesday.

Array reported a net loss of $28.24 million, or 22 cents per share, on revenue of $6.01 million for the quarter that ended on June 30. In the comparable year-ago quarter, Array posted a net loss of $17.65 million, or 15 cents per share, on revenue of $25.42 million.

For Array's fiscal year, the company had a net loss of $85.26 million, or 69 cents per share, and revenue of $42.08 million. The prior year, Array had a $61.94 million net loss, or 57 cents per share, and revenue of $69.58 million.

Array officials said some of the revenue declines in the current quarter and fiscal year were attributed to milestone and license payments recognized in the prior years. Additionally, Array had higher costs related to its partnered programs, officials said.

That included under $15 million in milestone payments for the fourth quarter of last year and a nearly $16 million increase in partnered programs costs for the fiscal year, officials said.

As of June 30, Array had $111.64 million in cash, cash equivalents and marketable securities, according to U.S. Securities and Exchange Commission filings.

Array officials also announced updates on the company's drug pipeline, which included the enrollment of six Phase 3 trials for Array-developed MEK inhibitors, officials said.

Shares of Array (Nasdaq: ARRY) fell 21 cents, or 5.12 percent, to close at $3.89 on Tuesday.


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Source: Daily Camera (Boulder, CO)

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