Array reports more revenue, less loss

BOULDER – Drug development company Array BioPharma Inc. reported an increase in revenue and a lower second-quarter loss.

Boulder-based Array (Nasdaq: ARRY) posted a net loss of $3.8 million, or 6 cents a share, for the three-month period ended Dec. 31. That loss was smaller than the $12.4 million net loss, or 23 cents per share for the same period a year earlier. Revenue totaled $23.2 million, up from the $16.5 million for the same period a year earlier.

Array has several clinical drug development programs at the moment, which focus on drugs to treat cancer, pain and asthma, among others. In general, drug development companies put new drugs through years of clinical trials before receiving approval from the U.S. Food and Drug Administration to market them to consumers.

Interim executive chairman Kyle Lefkoff said earlier this month that the company is performing well. Array’s licensing and milestone payments with partner companies have led much of the company’s top-line growth. Array reported $19.2 million in such revenue for the most recent quarter, a 72 percent increase from the $11.13 million for the same period the year before.

“We will have key readouts on clinical drugs that are coming this year. This is an important year for Array,” Lefkoff said.

Lefkoff was formerly chairman of the board, and remains a principal of Boulder Ventures, an investor in the company. Lefkoff was named to his new role two weeks ago, after longtime chief executive and director Robert E. Conway resigned for personal reasons. The company currently is searching for a new chief executive.

Separately, Array said it named Gwen A. Fyfe to its board of directors. Fyfe, a doctor, worked at Genentech Inc. in San Francisco from 1997 to 2009. The biotechnology company is currently a development partner of Array’s. Since leaving San Francisco-based Genentech, which is a subsidiary of the Roche Group, Fyfe has been a consultant to venture capital and biotechnology firms.

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