Array BioPharma Q2 Loss Narrows - Quick Facts

(RTTNews) - Array BioPharma Inc. (ARRY) reported a fourth quarter net loss of $12.7 million, or $0.09 per share compared to a loss of $28.2 million, or $0.22 per share, for the same period in fiscal 2014.

On average, eight analysts polled by Thomson Reuters expected the company to report a loss per share of $0.16 for the quarter. Analysts' estimates typically exclude special items.

Revenue was $12.3 million, compared to $6.0 million for the same period last year. The company said the increase in revenue of $6.3 million was primarily due to $5.7 million in reimbursable research and development expenses from Novartis. Analysts expected revenue of $10.29 million for the quarter.

Research and development expense was $18.6 million, compared to $14.5 million in the same prior year period. The company said the increase in research and development expense and corresponding decrease in cost of partnered programs is related to binimetinib and encorafenib being recently classified in research and development for the last three months of the fiscal year, rather than in the cost of partnered programs.

Ron Squarer, CEO of Array, said, "Binimetinib and encorafenib, two innovative oncology products in Phase 3, are on track for regulatory submissions in 2016. Additional data shared over the summer in BRAF-mutant melanoma and BRAF-mutant colorectal cancer further validate the value of these programs by showing the potential for differentiation compared to other approaches. Binimetinib and encorafenib have accelerated our path to commercialization and provide us with opportunities to test these broadly active products across a number of indications."