Array cites losses, hails drug-trial gains
Last Updated: 15:50 October 31, 2013
Boulder-based Array (Nasdaq: ARRY) said revenue for the quarter ended Sept. 30 was $14.2 million, about 10 percent less than the $15.8 million reported for the same quarter a year earlier, according to a company earnings statement. Net loss for the quarter was $15.7 million, compared with a net loss of $11.8 million for the same quarter a year earlier.
Company representatives said the cost of partnered programs with other pharmaceutical companies increased to $10.7 million for the quarter, compared with $6.5 million for the same period a year earlier, according to the press statement.
At the same time, Ron Squarer, the company’s chief executive, pointed to the progress that five of the company’s drug candidates are making on the road to approval from the U.S. Food and Drug Administration. Such approval is required before drugs can be sold commercially in the United States. Successful drug trials often take as long as 10 years to complete.
The company’s plan to do a late-stage test of its ARRY-520 drug candidate to treat bone marrow cancer comes after recent positive discussions with Food and Drug Administration officials, according to the press statement.
Three of the four other drug candidates mentioned by Squarer are being developed in partnerships with other pharmaceutical companies. Array is handling development of the fourth drug candidate.
Earlier this month, Array received $5 million from partner company AstraZeneca plc (NYSE: AZN) in connection with the lung cancer drug candidate selumetinib, which is being tested on human patients.
Other partnerships include one with Novartis International AG (NYSE: NVS) based in Basel, Switzerland, with a U.S. headquarters in New York, and with Oncothyreon Inc. (Nasdaq: ONTY) in Seattle.
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