Array BioPharma Q2 Loss Narrows, CFO To Leave - Quick Facts

(RTTNews) - Array BioPharma Inc. (ARRY) said second-quarter net loss was $8.6 million, or $0.06 per share, compared to a net loss of $16.4 million, or $0.13 per share for the same period in fiscal 2014.

On average, eight analysts polled by Thomson Reuters expected a loss of $0.18 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter jumped to $26.9 million from $14.1 million for the same period last year, largely due to a $20 million up-front payment from Oncothyreon for the ARRY-380 program. Analysts expected revenues of $10.20 million.

Array also announced today that Michael Carruthers, Chief Financial Officer, will be leaving the firm to pursue an opportunity in the biopharmaceutical industry. Dave Horin, a managing partner at Chord Advisers, has been appointed as interim CFO, and a search is underway for a CFO replacement.