BOULDER, Colo.--(BUSINESS WIRE)--Array BioPharma Inc. (NASDAQ: ARRY) today reported financial results for the fourth quarter and full year of fiscal 2007.
Array reported revenue of $8.0 million for the fourth quarter of fiscal 2007, compared to revenue of $10.1 million for the same period in fiscal 2006. The decrease is due to lower collaboration revenue resulting from executing our strategy of shifting resources to advance and expand Array’s internal proprietary drug discovery programs. Array invested $16.1 million in proprietary research and development for the quarter to help advance its eight wholly owned development programs as well as its portfolio of discovery programs. This compares to $9.2 million during the same quarter last year. Array reported a net loss of $17.3 million, or ($0.39) per share, for the fourth quarter, compared to a net loss of $12.0 million, or ($0.31) per share, for the same quarter in fiscal 2006. Array ended the fourth quarter of fiscal 2007 with $141 million in cash, cash equivalents and marketable securities.
