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Array BioPharma Reports Financial Results For The First Quarter Of Fiscal 2013
Date:10/29/2012

BOULDER, Colo., Oct. 29, 2012 /PRNewswire/ -- Array BioPharma Inc. (NASDAQ: ARRY) today reported results for the first quarter of its fiscal year ending June 30, 2013.

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Array continues its evolution into a late-stage development company, with five products approaching Phase 3 decisions by the end of calendar year 2013. These include two wholly-owned programs: ARRY-614 and ARRY-520, and three partnered programs: selumetinib (with AstraZeneca), MEK162 (with Novartis) and danoprevir (with InterMune/Roche). 

Array reported revenue of $15.8 million for the first quarter of fiscal 2013, compared to revenue of $22.1 million for the same period in fiscal 2012.  The decrease in first quarter revenue was expected, as Array recognized the majority of its $28 million upfront payment from a license agreement with Genentech during the previous fiscal year. The Company recorded expenses of $13.5 million on proprietary research and development for the quarter to advance its clinical development and discovery programs, compared to $12.6 million during the same period last year.  Net loss for the first quarter was $11.8 million, or ($0.13) per share, compared to $3.6 million, or ($0.06) per share, for the same period last year. Array ended the first quarter of fiscal 2013 with $68 million in cash, cash equivalents, and marketable securities.Ron Squarer, Chief Executive Officer of Array, noted, "This promises to be an important year for Array as several drugs in our wholly-owned and partnered pipelines move towards commercialization. We are on track to advance ARRY-520 for multiple myeloma and ARRY-614 for myelodysplastic syndromes into late-stage development in the coming year.  Success with any of these programs will propel
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SOURCE Array BioPharma Inc.
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