1. The recent NVS deal wherein ARRY will be actively involved in co-development is core to ARRY "becoming a fully-integrated pharmaceutical company" and represents a "prototype for future deals which involve markets that can be served by a therapeutic specialty sales force."
2. ARRY guided for FYE2010 (ends 6/30) revenue of $52M and expects revenue to grow to $75M for FY2011 with a burn rate for FY2011 of less than $60M.
3. For its partnered drugs, ARRY values the risk-adjusted NPV of the milestones and estimated sales to be north of $400M. For its wholly-owned drugs, ARRY also values the risk-adjusted NPV of the milestones and estimated sales to be about $400M. Combined, ARRY estimates risk-adjusted NPV of all milestones and estimated sales for all drugs to be about $800M, which is about 4x the stock's current market cap. Management noted all the caveats that go into these assumptions but also stated that they "believe current assumptions are reasonable."
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