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Array BioPharma Reports Financial Results For The Second Quarter Of Fiscal 2013
Date:2/4/2013

BOULDER, Colo., Feb. 4, 2013 /PRNewswire/ -- Array BioPharma Inc. (NASDAQ: ARRY) today reported results for the second quarter of its fiscal year ending June 30, 2013.

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Array continued its evolution into a late-stage development company, making significant progress in generating data to support our upcoming development for our wholly-owned hematology programs.  During the quarter, Novartis declared its intention to begin a Phase 3 trial with MEK162 in NRAS melanoma which is now scheduled to start in April 2013. In addition, Novartis announced plans to pursue additional MEK162 late-stage clinical development in combination with their Raf inhibitor in BRAF mutant melanoma.  Also, AstraZeneca recently announced a potential start of a Phase 3 trial with selumetinib in non-small cell lung cancer (NSCLC) during the second half of 2013.Revenue for the second fiscal quarter ended December 31, 2012 was $18.4 million, compared to $23.2 million for the same period in fiscal 2012.  The decline in revenue was due to the $28.0 million licensing payment from Genentech during the first half of fiscal 2012 that did not recur in 2013.  Research and development expense was $13.9 million, compared to $13.2 million in the comparable prior year period.  Net loss was $10.9 million, or ($0.10) per share for the second quarter, compared to a net loss of $3.8 million, or ($0.06) per share, for the same period in fiscal 2012.

For the six months ended December 31, 2012, revenue was $34.2 million, compared to $45.4 million for the same period in fiscal 2012. The decline was also related to the Genentech licensing payment described above.  Net loss for the six months ended December 31, 2012, was $22.7 milli
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