Array BioPharma's New CFO to Step Down After Just Three Months on the Job

Array BioPharma's New CFO to Step Down After Just Three Months on the Job
November 24, 2015
By Alex Keown, Breaking News Staff

BOULDER, Colo. – After three months on the job, Array BioPharma, Inc. ’s Chief Financial Officer Patricia Henahan is resigning her position, the company disclosed in a federal filing. Henahan’s last day is set for Dec. 17, four months and nine days after assuming her post with the company.

Array disclosed the job change in a filing with the U.S. Securities and Exchange Commission on Nov. 23. No specific reason was provided for Henahan’s departure in the filing or in a press release. The Denver Post reported it had reached out to Array for a comment, but had not received a response. Henahan joined BioPharma on Sept. 8 after serving in leadership roles at Hospira, Inc., AstraZeneca , Eli Lilly and MedImmune . Henahan served as Vice President of Finance for Hospira, overseeing double-digit profit growth and the company’s highest U.S. market share. From 2009 to 2013, she served as Chief Financial Officer of iPR Pharmaceuticals, Inc., a division of AstraZeneca.

Henahan’s departure comes at the same time Array struck a $455 million cancer pact with Pierre Fabre for the development and commercialization for two novel oncology products, binimetinib and encorafenib. Binimetinib, a MEK inhibitor, and encorafenib, a BRAF inhibitor, are currently advancing in three, global Phase III trials for melanoma and ovarian cancer. Under the terms of the agreement, Array will receive an upfront payment of $30 million and retains exclusive commercialization rights for binimetinib and encorafenib in the United States, Canada, Japan, Korea and Israel. Pierre Fabre will have exclusive rights to commercialize both products in all other countries, including Europe, Asia and Latin America. Array is entitled to receive up to $425 million if certain development and commercialization milestones are achieved.

In December 2014, Array regained worldwide rights to Binimetinib from Novartis, after a four-year-old deal came to an end following Novartis ’s acquisition of GlaxoSmithKline ’s portfolio of cancer drugs. Binimetinib is being tested in three late-stage trials for the treatment of NRAS-mutant melanoma, low-grade serous ovarian cancer and BRAF-mutant melanoma.

In the filing disclosing Henahan’s departure, Array announced that David Horin, a managing partner at Chord Advisors, will serve as Array’s interim CFO. He will receive a monthly fee of $20,000, according to the SEC filing. Horin served as Array’s interim chief financial officer from February 2015 until September 2015.

Array reported a net loss of $21 million during the first quarter of 2016, down from $27 million during the same reporting period in 2015.

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