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|Array BioPharma Reports Financial Results For the First Quarter of Fiscal 2002|
BOULDER, Colo., Nov. 5 /PRNewswire/ -- Array BioPharma Inc. (Nasdaq: ARRY) today reported financial results for the first quarter of fiscal 2002, ending September 30, 2001.
During the first quarter of fiscal 2002, total revenues reached $7.2 million, up 160% from $2.8 million in the same period in fiscal 2001. The net loss was $1.5 million or ($0.06) per share, compared to a net loss of $8.1 million or ($2.17) per share for the comparable quarter in fiscal 2001. The prior year's results included a charge of $5 million, or $1.34 per share for a deemed dividend related to the beneficial conversion feature of preferred stock issued on August 31, 2000. Array ended the first quarter of fiscal 2002 with $39.8 million in cash and marketable securities.
"As reflected by these results, Array continues its dramatic growth in revenues, collaborations and scientific staff during the quarter," said Robert E. Conway, Chief Executive Officer. "Array initiated four new collaborations over the summer with top tier pharmaceutical and biotech companies that have boosted our revenue growth and included potential milestones and/or royalties. This was a major step forward in our strategy to share in the long-term success we create through our collaborations."
Highlights during the first quarter of fiscal 2002 include:
"During this quarter, we continued to execute our strategy of building the next generation drug discovery platform," said Mr. Conway. "We are on track with our plans to expand the Array Discovery Platform to include cGMP manufacturing through Phase I clinical trials and drug metabolism capabilities as well as enhance our predictive computational modeling and high throughput screening groups. We are also continuing to increase our investment in our own proprietary drug research."
Array will hold a conference call on Tuesday, November 6, 2001, at 9:00 a.m. eastern time to discuss these results. Robert E. Conway, Chief Executive Officer and Michael Carruthers, Chief Financial Officer of Array, will lead the call.
CONFERENCE CALL INFORMATION Date: Tuesday, November 6, 2001
Toll-Free: (800) 500-0177 Toll: (719) 457-2679 Web Cast: www.arraybiopharma.com
There will be a replay of the conference call for one week, which can be accessed by dialing toll-free (888) 203-1112, and outside the US (719) 457-0820. The access code is 636928. 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 the integration of chemistry, structural biology and chemoinformatics. We collaborate with leading pharmaceutical and biotechnology companies to identify novel small molecule drugs and are leveraging our discovery platform to develop our own pipeline of proprietary drug candidates. Array's scientific team has a proven track record of success in identifying promising drug candidates. For more information on Array BioPharma, please visit the company's web site at www.arraybiopharma.com .
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties, including those discussed below and described more fully in reports filed by Array with the Securities and Exchange Commission, including our Annual Report on Form 10-K as filed on September 27, 2001. 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, the ability of our collaborators and of Array to meet drug discovery objectives tied to milestones and royalties, and our ability to attract and retain experienced scientists and management. We are providing this information as of November 5, 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 September 30, 2001 2000 (unaudited) Revenue $7,192 $2,761 Cost of revenue* 4,533 2,408 Gross profit 2,659 353 Research, and development expenses* 2,785 1,702 Selling, general and administrative expenses* 1,829 1,694 Total operating expenses 4,614 3,396 Loss from operations (1,955) (3,043) Interest expense -- (173) Interest income 461 130 Net loss (1,494) (3,086) Deemed dividend related to beneficial conversion feature of preferred stock -- (5,000) Net loss applicable to common stockholders $(1,494) $(8,086) Basic and diluted net loss per share applicable to common stockholders $(0.06) $(2.17) Shares used in computing basic and diluted net loss per share 23,351 3,719
Cost of revenue $271 $210 Research and development expenses 180 140 Selling, general and administrative expenses 249 357 Total $700 $707 Summary Balance Sheet Data (in thousands)
September 30, June 30, 2001 2001 (unaudited) Cash, cash equivalents and marketable securities $39,779 $47,712 Property, plant and equipment, net 23,446 17,421 Working capital 38,367 44,917 Total assets 72,181 70,950 Stockholders' equity 61,981 62,468
SOURCE Array BioPharma Inc.
CONTACT: Tricia Haugeto of Array BioPharma Inc., +1-303-386-1193, email@example.com/