BOULDER, Colo.--(BUSINESS WIRE)--Array BioPharma Inc. (NASDAQ: ARRY) today reported financial results for the first quarter of fiscal 2012.
“The recently announced top-line Phase 2 results for selumetinib in KRAS mutant NSCLC, we believe, are the most promising results to date in this patient population” Array reported revenue of $22.1 million for the first quarter of fiscal 2012, compared to revenue of $18.5 million for the same period in fiscal 2011. During the first quarter of fiscal 2012, Array earned $2.5 million in revenue for achieving a milestone from its collaboration with Genentech. Array reported a significantly reduced net loss of $3.6 million, or ($0.06) per share, for the first quarter, compared to a net loss of $10.6 million, or ($0.20) per share, for the first quarter in fiscal 2011. Array spent $12.6 million in proprietary research and development for the quarter to advance its proprietary pipeline, compared to $13.9 million spent for the same period last year. Cash flow from operations was $13.6 million for the first quarter of fiscal 2012. Array ended the first quarter of fiscal 2012 with $78 million in cash, cash equivalents and marketable securities.
