BOULDER - Array Biopharma Inc. (Nasdaq: ARRY) on Tuesday reported revenue of $7.8 million and a net loss of $24.9 million for its 2014 fiscal third quarter, which ended March 31.

The revenue marked a drop of 22 percent from $10 million for the same period a year ago for the Boulder-based firm. The net loss was greater than the same period a year ago, which was $21.6 million. It amounted to 20 cents per share compared with 19 cents per share for the third quarter last year.

Array develops research drug candidates used to treat cancer patients.

The company attributed the decreased revenue to a reduction in license and milestone payments from its original Celgene collaboration that ended last year.

"We are encouraged to see six ASCO abstracts reporting clinical data for our two partnered MEK programs, while steady progress continues across the six pivotal trials for these programs," Array chief executive Ron Squarer said in a press release. "Internally, we remain focused on advancing filanesib, which has the potential to be an important novel mechanism for treating patients with multiple myeloma."

Array shares were trading at $4.02 by late afternoon Tuesday, a 6.1 percent increase from the previous day's close.