Array BioPharma narrows quarterly loss

BOULDER – Drug research company Array BioPharma Inc. reported increased revenue and a narrower loss for the quarter ended Sept. 30.

Boulder-based Array (Nasdaq: ARRY) generated $22.1 million in revenue for its first quarter of fiscal 2012 compared with revenue of $18.5 million for the same period in fiscal 2011, the company said in a statement.

Net loss for the quarter was $3.58 million, or 6 cents a share, compared with a loss of $10.63 million, or 20 cents a share, for the same quarter a year earlier, the company reported.

Included in the revenue figure was $2.5 million the company earned for achieving a milestone from its collaboration with biotechnology company Genentech Inc. on a cancer therapy drug. San Francisco-based Genentech is a subsidiary of Roche Group, based in Switzerland.

Array spent $12.6 million in research and development for the quarter for work on a variety of drugs. The company currently has eight drugs in clinical development. Drug companies spend years putting their drug candidates through clinical trials to get approval from the U.S. Food and Drug Administration to market them for commercial sale.

During fiscal 2012, Array expects to report results in six clinical trials having to do with forms of cancer, with osteoarthritis pain and other trials, the company said in a statement. The company also has an anti-asthma drug in development and others.

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