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Array BioPharma Reports Financial Results For The First Quarter Of Fiscal 2014 And Announces ARRY-520 Development Strategy
Date:10/31/2013

BOULDER, Colo., Oct. 31, 2013 /PRNewswire/ -- Array BioPharma Inc. (NASDAQ: ARRY) today reported results for the first quarter of its fiscal year ending June 30, 2014.

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Revenue for the first quarter of fiscal 2014 was $14.2 million, compared to $15.8 million for the same period in fiscal 2013.  The cost of partnered programs increased to $10.7 million, compared to $6.5 million for the same period last year, largely due to increased co-development costs with Novartis related to the start of three MEK162 Phase 3 studies.  Research and development expense declined to $11.7 million, compared to $13.5 million in the same prior year period due to the completion of the Phase 2 asthma study with ARRY-502.  Net loss for the first quarter was $15.7 million, or $(0.13) per share, compared to a net loss of $11.8 million, or ($0.13) per share, for the same period in fiscal 2013.  Array ended the quarter with $124 million in cash, cash equivalents and marketable securities.

Ron Squarer, Chief Executive Officer of Array, noted, "Array is taking an important step today by announcing plans to initiate a Phase 3 trial in 2014 with our wholly-owned multiple myeloma asset, ARRY-520.  In addition, we are excited that five registration trials are already enrolling patients with our partnered MEK inhibitors, selumetinib and MEK162, with another pivotal trial expected to start by year-end."

KEY PIPELINE UPDATESWholly-Owned Pipeline ProductsARRY-520 – Expect to initiate Phase 3 trial in multiple myeloma (MM) in mid-2014
ARRY-520 is a highly selective, targeted KSP inhibitor with a mechanism of action distinct from currently available drugs to treat MM.  Even with recent advances
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SOURCE Array BioPharma
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