Array BioPharma posts $22.7M quarterly loss
BOULDER — Array BioPharma Inc. (Nasdaq: ARRY) on Tuesday reported a net loss of $22.7 million for its third fiscal quarter as the company continues the push toward commercialization with a pair of its cancer drugs.
The Boulder-based firm’s share price was up 1.5 percent in mid-afternoon trading to $3.36.
Array’s loss for the period ending March 31 equated to 16 cents per share.
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Revenue climbed to $43 million, up from $6.6 million for the same period last year, thanks primarily to $36.9 million in reimbursement revenue from Novartis.
The company finished the quarter, meanwhile, with $118 million in cash, cash equivalents and marketable securities.
Array plans to submit a new-drug application to the U.S. Food and Drug Administration this year for approval of binimetinib in the treatment of NRAS-mutant melanoma. Binimetinib is also in a Phase 3 trial, along with encorafenib that is looking at the combination of the drugs in the treatment of BRAF mutant melanoma.
Array officials announced last month that they were discontinuing a Phase 3 trial looking at the use of binimetinib to treat low-grade serous ovarian cancer due to disappointing results.
