Array BioPharma Reports Q4,09 Revenue

Array BioPharma (Array) has reported revenue of $5.5m for the fourth quarter of fiscal 2009, compared to $6.1m for the same period in fiscal 2008. The company reported a net loss of $26.7m or $0.55 per share for the fourth quarter, as compared to a net loss of $32.4m or $0.68 per share for the fourth quarter in fiscal 2008.

Array has reported revenue of $25m for the fiscal year ended June 30, 2009, compared to revenue of $28.8m for fiscal 2008. Net loss for the fiscal year ended June 30, 2009, was $127.8m or $2.67 per share, as compared to a net loss of $96.3m or $2.04 per share in fiscal 2008.

Robert Conway, chief executive officer of Array, said: “We are pleased to report positive results from our Phase 1 clinical trial of ARRY-403 in patients with Type 2 diabetes. There are 24 million Type 2 diabetic patients in the US with the incidence of the disease accelerating at an alarming rate. Many of these patients are unable to control their glucose levels with existing therapy and need better approaches to manage their disease. ARRY-403 provides a unique mechanism of action for controlling diabetes with the potential to address this critical unmet medical need. We have initiated an aggressive development program, while also seeking a partner to maximize ARRY-403’s benefit to patients.”