Array BioPharma revenue down, loss up in 1Q

BOULDER — Cancer-drug research firm Array BioPharma Inc. (Nasdaq: ARRY) on Tuesday reported decreased revenue and an increased loss for the  first quarter of its fiscal year 2015 that ended Sept. 30.

Boulder-based Array reported that revenue for the quarter was $6.1 million, a 57 percent decrease compared with $14.2 million for the same period a year earlier.

Array reported that the decline in revenue was due to the full recognition in prior periods of up-front license fees, according to a prepared statement.

SPONSORED CONTENT

How Platte River Power Authority is accelerating its energy transition

Platte River Power Authority, the community-owned wholesale electricity provider for Northern Colorado, has a history of bold initiatives.

Array reported a net loss of $27.6 million, or 21 cents per share, for the first quarter of fiscal 2015, compared with a net loss of $15.7 million, or 13 cents per share, for the same quarter a year earlier.

Array is advancing in six Phase 3 drug trials and collecting data on two Phase 2 multiple myeloma trials including a randomized combination trial with Kyprolis.

“With the progress we continue to make, Array looks forward to potential commercial revenue within the next two years,” Ron Squarer, Array’s chief executive, said in the statement.

Array’s stock was trading at $3.81 per share Tuesday. It closed at $3.71 per share Monday.