Array BioPharma’s revenue up, loss trimmed during most recent quarter

BOULDER – Array BioPharma Inc. (Nasdaq: ARRY) reported an increase in revenue and a reduction in losses during the second quarter of its fiscal year 2017 that ended Dec. 31.

The Boulder-based biotech posted revenue of $44.5 million during the most recent quarter, compared with $39.3 million for the prior quarter. The bump in revenue mainly was driven by earning a $6 million milestone from Loxo Oncology for the advancement of the cancer-fighting drug larotrectinib, and a $2.5 million milestone from Roche for the advancement of danoprevir, which fights hepatitis C.

Array still posted a loss of $23.3 million, or 14 cents per share, but it was less than the loss of $28.6 million, or 20 cents per share, that was recorded in the previous quarter.

For the second quarter in a row, the company has spent about $45.5 million on research and development.

Two of the company’s melanoma-fighting drugs — binimetinib and encorafenib — have been producing positive results in trials. Array said on Thursday it will apply for a new drug application with the FDA later this year that would combine the two drugs to treat melanoma.

Array’s stock closed Thursday at $12.56 per share. The stock has ranged from $2.38 to $12.60 per share during the past year.