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Array BioPharma Reports Financial Results for the Third Quarter And the First Nine Months of Fiscal 2001
BOULDER, Colo., May 7 /PRNewswire/ -- Array BioPharma Inc. (Nasdaq: ARRY) today reported financial results for the third quarter and the first nine months of fiscal 2001, ending March 31, 2001.
During the third quarter of fiscal 2001, total revenues reached $4.7 million, up 160% from $1.8 million in the same period in fiscal 2000. The net loss was $1.7 million or ($0.07) per share, compared to a net loss of $1.2 million or ($0.40) per share for the comparable quarter in fiscal 2000. Revenues for the nine-month period ending March 31, 2001 were $11.3 million compared to revenues of $4.5 million for the same period in fiscal 2000. The net loss for the nine months ending March 31, 2001 was $14.0 million or ($1.06) per share compared to a net loss of $3.3 million or ($1.11) per share, reported in the same period in fiscal 2000. Array ended the third quarter with $56.3 million in cash and marketable securities.
"These results reflect Array's continued rapid growth," said Robert E. Conway, Chief Executive Officer. "Revenues have more than doubled during the first nine months of fiscal 2001 compared to revenues in the comparable period of fiscal 2000, and demand for Array's expertise continues to grow. We currently employ 115 scientists and continue to recruit top-quality scientists at a rapid pace. In addition, we have now secured first-rate laboratory space adjacent to our existing Boulder laboratory that will allow us to employ up to 350 scientists over the next few years."
Highlights during the third quarter of fiscal 2001 include:
"During this quarter, we continued to execute our strategy of building the industry's premier drug discovery platform. Array utilizes its drug discovery platform in collaboration with top pharmaceutical and biotechnology companies as well as for its own proprietary drug discovery efforts," said Mr. Conway. "Array's experienced scientists have created this drug discovery platform utilizing the latest tools and technologies including structural biology, high throughput screening, drug metabolism and analytical, computational, combinatorial and medicinal chemistry as well as process research and development."
The pro forma net loss per share for the current quarter and the first nine months of fiscal 2001 is ($0.07) and ($0.48) respectively, assuming conversion of all convertible preferred stock into common stock as of the beginning of the fiscal year. These results include $698,000 and $4.0 million, respectively, of non-cash compensation-related charges for the current quarter and the nine months ending March 31, 2001. Excluding these non-cash charges results in adjusted pro forma net loss per share of ($0.04) and ($0.27) for the third quarter and the first nine months of fiscal 2001, respectively.
Array will hold a conference call on Tuesday, May 8, 2001 at 9:00 a.m. EDT to discuss these results. Robert E. Conway, Chief Executive Officer and R. Michael Carruthers, Chief Financial Officer of Array, will lead the call.
Conference call numbers: Toll-free: (800) 946-0708 Outside the U.S.A. (719) 457-2639 Web cast: www.arraybiopharma.com.
There will be a replay of the conference call for 7 days that can be accessed by dialing toll-free (888) 203-1112, and outside the U.S. (719) 457-0820. The access code is 482910. Replay of the call will also be available as a web cast on Array's web site at www.arraybiopharma.com.
Array BioPharma is a drug discovery company creating new drugs through innovations in chemistry and structural biology. Array's world-class scientific team integrates chemistry and structural biology with an information-based technology platform to create higher quality drug candidates. Array provides drug discovery expertise to collaborators and for its own proprietary research. For more information on Array BioPharma, please visit the company's web site at www.arraybiopharma.com.
This press release contains projections and other forward-looking statements that involve significant risks and uncertainties. Because these statements reflect our current expectations concerning future events, our actual results could differ materially from those anticipated in these forward-looking statements as a result of many factors. These factors include, but are not limited to, our ability to achieve and maintain profitability, the extent to which the pharmaceutical and biotechnology industries are willing to collaborate with third parties on their drug discovery activities and our ability to attract and retain experienced scientists and management as well as the risk factors contained in our reports filed with the Securities and Exchange Commission, including our final prospectus as filed on November 17, 2000. We are providing this information as of May 7, 2001. We undertake no duty to update any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements or of anticipated or unanticipated events that alter any assumptions underlying such statements.
Array BioPharma Inc. Condensed Statement of Operations (in thousands, except per share amounts)
Three Months Ended Nine Months Ended March 31, March 31, 2001 2000 2001 2000 (unaudited) (unaudited) Revenue $4,741 $1,825 $11,335 $4,526 Cost of revenue* 3,415 1,173 9,114 2,791 Gross profit 1,326 652 2,221 1,735 Research, and development expenses* 2,160 1,020 5,977 2,636 Selling, general and administrative expenses* 1,539 888 6,188 2,421 Total operating expenses 3,699 1,908 12,165 5,057 Loss from operations (2,373) (1,256) (9,944) (3,322) Interest expense (148) (87) (501) (258) Interest income 832 126 1,439 237 Net loss (1,689) (1,217) (9,006) (3,343) Pro forma net loss per share - including preferred $(0.07) $(0.09) $(0.48) $(0.30) Pro forma shares used in computing net loss per share - including preferred 23,022 12,835 18,664 11,213 Deemed dividend related to beneficial conversion feature of preferred stock -- -- (5,000) -- Net loss applicable to common stockholders $(1,689) $(1,217) $(14,006) $(3,343) Basic and diluted net loss per share applicable to common stockholders $(0.07) $(0.40) $(1.06) $(1.11) Shares used in computing basic and diluted net loss per share 23,022 3,047 13,198 3,005
Cost of revenue $264 $5 $750 $5 Research and development expenses 176 4 478 4 Selling, general and administrative expenses 258 338 2,807 693 Total $698 $347 $4,035 $702 Summary Balance Sheet Data (in thousands)
March 31, June 30, 2001 2000 (unaudited) Cash, cash equivalents and marketable securities $56,263 $5,784 Working capital 51,975 2,210 Total assets 74,469 15,823 Stockholders' equity 63,258 6,653 MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X33864644
SOURCE Array BioPharma Inc.
CONTACT: Joanna K. Money, Ph.D., of Array BioPharma Inc., 303-381-6676, firstname.lastname@example.org/