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

on, or ($0.23) per share, compared to a net loss of $7.4 million, or ($0.13) per share, in the comparable prior year period.During the quarter, Array paid Novartis its first annual co-development contribution of $9.2 million to maintain the maximum U.S. royalty rate for MEK162.  These contributions are capped annually and in total.  Array ended the quarter with $110 million in cash, cash equivalents and marketable securities.

Ron Squarer, Chief Executive Officer of Array, noted, "We are seeing strong progress across our pipeline.  At ASH, we presented impressive ARRY-520 data as a single agent, in combination with dexamethasone, in combination with carfilzomib, and on a selection marker that may identify patients more likely to respond to ARRY-520.  Our partners, Novartis with MEK162 and AstraZeneca with selumetinib, each announced plans to progress these Array-invented products into Phase 3 pivotal trials this year.  In addition, ARRY-502 is on track to complete enrollment by this spring with summer top-line results.  Out-licensing this product represents a potential important source of non-dilutive funding."

KEY COMPANY AND PROGRAM UPDATESRaised $70.9 million in public offering:  Array completed an underwritten public offering of 20.7 million shares of its common stock at a price of $3.65 per share in November 2012.  Array received net proceeds from the sale of the shares of $70.9 million. This money will be used to fund potential Phase 3 or pivotal programs.

Elected John A. Orwin to Array's Board of Directors:Array elected John A. Orwin , chief executive officer of Affymax, Inc., to its board of directors as an independent director.  Previously, he held leadership roles in marketing, sales, and operations for major pharmaceutical companies including Genentech, Johnson & Johnson, Alza Pharmaceuticals, Rhone-Poulenc Rorer, and Schering
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SOURCE Array BioPharma Inc.
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