Array second quarter revenue increases to $23.2 million

Array BioPharma Inc. (NASDAQ: ARRY) today reported financial results for the second quarter of fiscal 2012.

Array reported revenue of $23.2 million for the second quarter of fiscal 2012, compared to revenue of $16.5 million for the same period in fiscal 2011. The net loss was significantly reduced to $3.8 million, or ($0.06) per share, for the second quarter, compared to a net loss of $12.4 million, or ($0.23) per share, for the second quarter in fiscal 2011. The net loss improved due to increased revenue recognized from up-front and milestone payments during the current quarter. Array spent $13.2 million on research and development for the quarter to advance its proprietary pipeline, compared to $14.5 million spent for the same period last year. Array ended the second quarter of fiscal 2012 with $61 million in cash, cash equivalents and marketable securities.

The company reported revenue of $45.4 million for the six-month period ended December 31, 2011, compared to revenue of $35.0 million for the same period in fiscal 2011. Net loss for the six months ended December 31, 2011, was $7.4 million, or ($0.13) per share, compared to a net loss of $23.1 million, or ($0.42) per share, reported in the same six-month period in fiscal 2011.

"Array expects to have multiple readouts on data in calendar 2012 and we look forward to sharing results throughout the year," said Kyle Lefkoff, Executive Chairman, Array BioPharma. "We have a solid team in place driving our programs forward and significant management bench strength to successfully operate while we search for a new Chief Executive Officer."

There are currently nine Array-invented drugs in Phase 2 clinical development, seven of which are partner-funded. Over the next 12 months, the company expects results to be reported from seven clinical trials.

• Phase 2 final combination results for selumetinib plus docetaxel in patients with non-small cell lung cancer (top-line results were reported in September 2011)
• Phase 2 combination data for selumetinib plus DTIC in patients with melanoma
• Phase 2 data for MEK162 in patients with melanoma
• Phase 2 top-line data for ARRY-797 in patients with osteoarthritis pain
• Phase 2 combination data for ARRY-520 plus dexamethasone in patients with multiple myeloma (MM)
• Phase 1b combination data for ARRY-520 plus Velcade® (bortezomib) in patients with MM
• Phase 1 dose escalation data (interim) for the new formulation of ARRY-614 in patients with myelodysplastic syndromes