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Array BioPharma Reports Financial Results for the Third Quarter of Fiscal 2013
Date:5/6/2013

ed milestone payments in the third quarter and the recognition of previously received and deferred upfront and milestone payments from Genentech and Amgen during the third quarter of fiscal 2012 that did not recur in comparable amounts in fiscal 2013.  Research and development expense was $15.1 million, compared to $16.1 million in the comparable prior year period.  Net loss was $21.6 million, or ($0.19) per share, for the third quarter, compared to a net loss of $8.2 million, or ($0.11) per share, for the same period in fiscal 2012.  For the reasons described above, revenue was lower and the loss was higher than previously forecasted for the quarter.  Array reaffirms the financial guidance provided for the full year ending June 30, 2013 of $60 million in revenue and ($0.55) net loss per share. Array ended the quarter with $87 million in cash, cash equivalents and marketable securities.

For the nine months ended March 31, 2013, revenue was $44.2 million, compared to $64.5 million for the same period in fiscal 2012. Net loss for the nine months ended March 31, 2013, was $44.3 million, or ($0.42) per share, compared to a net loss of $15.6 million, or ($0.24) per share, in the comparable prior year period. Revenue was lower and net loss was higher for the comparable nine-month periods for the same reasons as for the three-month periods described above.

KEY COMPANY AND PROGRAM UPDATESARRY-520 – Advances in clinical trials and new data presented at myeloma conferenceARRY-520 is a potent, selective KSP inhibitor with a mechanism of action distinct from other drugs used to treat MM.  ARRY-520 acts preferentially on MM cells over terminally differentiated and epithelial cells due to the reliance of MM cells on the MCL-1 protein for survival.  As predicted from its targeted mechanism, ARRY-520 has exhibited no neuropathy, alopecia or serious gastrointestinal effects at its recommended dose. 

At the 2013 Inte
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