Mon, May 2, 2011, 9:25pm EDT - US Markets are closed Array BioPharma Reports Financial Results for the Third Quarter of Fiscal 2011
Companies: Array BioPharma, Inc. Topics: Earnings
Related Quotes Symbol Price Change ARRY 2.96 -0.13 Chart for Array BioPharma Inc. Press Release Source: Array BioPharma Inc. On Monday May 2, 2011, 4:36 pm EDT
BOULDER, Colo.--(BUSINESS WIRE)-- Array BioPharma Inc. (NASDAQ:ARRY - News) today reported financial results for the third quarter of fiscal 2011.
Array reported revenue of $17.8 million for the third quarter of fiscal 2011, compared to revenue of $18.4 million for the same period in fiscal 2010. The Company spent $15.9 million on proprietary research and development for the quarter to advance its clinical development and discovery programs compared to $17.7 million during the same period last year. Array reported a net loss of $11.5 million, or ($0.20) per share, for the third quarter, compared to a net loss of $15.2 million, or ($0.30) per share, for the same period last year. Array ended the third quarter of fiscal 2011 with $76 million in cash, cash equivalents and marketable securities. The Company also earned a $10 million milestone from Novartis for the MEK162 program during the quarter, the proceeds of which will be received during the fourth quarter of fiscal 2011.
The Company reported revenue of $52.9 million for the nine-month period ended March 31, 2011, compared to revenue of $35.9 million for the same period in fiscal 2010. Net loss for the nine months ended March 31, 2011, was $34.6 million, or ($0.63) per share, compared to a net loss of $61.8 million, or ($1.25) per share, in the same nine-month period last year.
“We’re pleased that Novartis advanced our partnered MEK inhibitor, MEK162, into the first Phase 2 oncology trial for this drug, triggering a $10 million milestone payment to Array,” said Robert E. Conway, Chief Executive Officer. “Array has a deep pipeline of cancer drugs advancing in clinical development including two partnered MEK inhibitors, a KSP inhibitor for multiple myeloma, a HER2 inhibitor for metastatic breast cancer and a p38 / Tie2 inhibitor for myelodysplastic syndrome.”
SUMMARY OF KEY DEVELOPMENT PROGRAMS
MEK162 (ARRY-162) (Novartis) – MEK inhibitor for cancer:
Array achieved a $10 million clinical research milestone in its development collaboration with Novartis. The milestone was achieved after Novartis had its first patient visit in a Phase 2 clinical trial. The Phase 2 trial is an open-label study to assess the safety and efficacy of MEK162 in patients with malignant cutaneous melanoma harboring BRAFV600E or NRAS- mutations. The trial is designed to measure the objective response rate to treatment with MEK162 when administered orally as 45 mg twice-daily to patients. The trial will also evaluate progression-free survival, safety and tolerability.
Selumetinib (AZD6244) (AstraZeneca) – MEK inhibitor for cancer:
AstraZeneca completed enrollment in two Phase 2 trials with selumetinib, which are the first two randomized Phase 2 combination trials with a MEK inhibitor:
Selumetinib plus DTIC compared with DTIC in first line melanoma patients with BRAF- mutation. The trial completed enrollment of 91 patients in March 2010 with the primary end-point of overall survival. Selumetinib plus taxotere compared with taxotere in second line non-small cell lung cancer patients with KRAS-mutation. The trial completed enrollment of approximately 80 patients in July 2010 with the primary end-point of overall survival.
In addition, the National Cancer Institute has initiated a Phase 2 combination trial with selumetinib plus MK-2206, Merck’s investigational AKT inhibitor, in patients with advanced colorectal cancer.
ARRY-520 – KSP inhibitor for Multiple Myeloma:
Array has two on-going clinical trials with ARRY-520:
Phase 2 single agent trial in patients with relapsed or refractory multiple myeloma; enrollment close to complete. Phase 1b combination study with ARRY-520 and Velcade® (bortezomib) in patients with relapsed or refractory multiple myeloma; enrollment on-going.
ARRY-380 – HER2 inhibitor for Breast Cancer: Patient enrollment in the Phase 1b expansion trial in metastatic breast cancer with ARRY-380 is close to complete. Array presented an update on this program at the American Association for Cancer Research Annual Meeting held in April 2011.
ARRY-614 / p38 / Tie2 inhibitor for Myelodysplastic Syndrome: Array is completing patient enrollment in the Phase 1b expansion trial with ARRY-614. In addition, Array is testing a new formulation for ARRY-614 for improved drug exposure.
AMG 151 / ARRY-403 (Amgen) – Glucokinase activator for type 2 diabetes: Array completed a Phase 1 multiple ascending dose clinical trial in patients with type 2 diabetes with AMG 151 / ARRY-403, a small-molecule glucokinase activator that Array partnered with Amgen Inc. Amgen is responsible for all future development under the collaboration agreement. Array also continued a research program, which is being funded by Amgen to identify and advance second-generation glucokinase activators.
Array will hold a conference call on Tuesday, May 3, 2011, at 9:00 a.m. eastern time to discuss these results. Robert E. Conway, Chief Executive Officer, and Michael Carruthers, Chief Financial Officer, will lead the call.
Conference Call Information Date: Tuesday, May 3, 2011 Time: 9:00 a.m. eastern time Toll-Free: 800.884.5695 Toll: 617.786.2960 Pass Code: 78276099
A replay of the call will be available as a webcast on www.arraybiopharma.com.
About Array BioPharma
Array BioPharma Inc. is a biopharmaceutical company focused on the discovery, development and commercialization of targeted small-molecule drugs to treat patients afflicted with cancer and inflammatory diseases. Our proprietary drug development pipeline includes clinical candidates that are designed to regulate therapeutically important target proteins and are aimed at significant unmet medical needs. For more information on Array, please go to www.arraybiopharma.com.
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