Array reports $16.4 million loss for quarter
Last Updated: 15:45 February 4, 2014
The company also reported a net loss of $16.4 million for the quarter ended Dec. 31, or 13 cents per share, compared with a net loss of $10.9 million, or 10 cents per share, for the same period a year earlier.
Boulder-based Array (Nasdaq: ARRY) attributed the decrease in revenue to a license ending for a product that generated revenue for the company in 2012. Array develops and commercializes research drug candidates that are used to treat patients who have cancer.
Array plans to start a human trial on a bone marrow cancer research drug candidate later this year that could lead to U.S. Food and Drug Administration approval for the drug and eventual commercial sale. The research drug candidate is named filanesib.
The company partners with several other drug development companies on research drug candidates in development. For example, Array in October received $5 million from partner company AstraZeneca plc (NYSE: AZN) based in London, in connection with the lung cancer drug candidate selumetinib. Selumetinib also is being tested on human patients.
Array also announced partnerships in recent months with Loxo Oncology in New York and with Oncothyreon Inc. (Nasdaq: ONTY) in Seattle.
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