Array BioPharma's revenue down from '11
Boulder-based Array (Nasdaq: ARRY) said the $6.3 million decline in revenue was expected, in a press statement announcing results of the company's most recent quarter ended Sept. 30. That's because the company recorded a majority of a $28 million license payment from partner Genentech Inc. in its previous fiscal year, according to the press statement. Genentech, based in Vacaville, California, is a wholly owned subsidiary of Roche USA.
Array's net loss was $11.8 million, or 13 cents per share, for the most recent quarter, compared with $3.6 million, or 6 cents per share, for the same quarter in 2011. The company recorded $13.5 million in expenses for proprietary research and development for the quarter, compared with $12.6 million during the same period last year.
Array has five drug products expected to reach the final stage of U.S. Food and Drug Administration approval process by the end of 2013, according to the press statement. FDA approval for biopharmaceutical drugs can take 10 years or more, according to industry experts.
"This promises to be an important year for Array as several drugs in our wholly owned and partnered pipelines move toward commercialization," Ron Squarer, chief executive of Array, said in the press statement.
In addition to the Genentech partnership, Array has drug research partnerships with AstraZeneca plc (NYSE: AZN) based in London; Novartis International AG (NYSE: NVS) based in Basel, Switzerland; and InterMune Inc. (Nasdaq: ITMN)/Roche USA. InterMune is based in Brisbane, California.
More breaking news...
Boulder County posts state-low foreclosures
Tickets on sale for BCBR's Mercury 100
Across Colorado, the average was about 1 completed foreclosure sale
The list of 100