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11/4/2004

Array cuts losses in first-quarter financial report

The Daily Times-Call

Array BioPharma Inc. this week reported a slight reduction in losses per share for the most recent quarter.

For the first quarter of fiscal 2005, the company reported total revenue of $9.9 million, compared with $7.2 million during the first quarter of 2004.

The company reported a net loss $5.6 million, or 19 cents per share, for the quarter, compared with a net loss of $5.9 million, or 21 cents per share, for the same period the previous fiscal year.

Along with their earnings announcement Monday, company officials announced progress during the recent quarter on the Phase I clinical trial of one of its proprietary oncology products, which is being developed by Array and out-licensed to AstraZeneca for the treatment of cancer patients.

The deal with AstraZeneca was signed last December, and in January the company signed a similar arrangement with Genentech.

Array also contracts small-molecule drug-development services to larger pharmaceutical companies, including Pfizer and Eli Lilly.

Headquartered in Boulder, Array has 141 employees there and 111 at its facility in Longmont, according to spokeswoman Tricia Haugeto.