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|Array BioPharma Reports Financial Results for the First Quarter of Fiscal 2004|
BOULDER, Colo., Nov 3, 2003 /PRNewswire-FirstCall via COMTEX/ -- Array BioPharma Inc. (Nasdaq: ARRY) today reported financial results for the first quarter of fiscal 2004, ended September 30, 2003.
During the first quarter of fiscal 2004, Array reported total revenue of $7.2 million, compared to $10.5 million during the same period in fiscal 2003. Net loss was $5.9 million, or ($0.21) per share, for the first quarter, compared to a net loss of $1.2 million, or ($0.04) per share, for the comparable quarter in fiscal 2003. Array ended the first quarter of fiscal 2003 with $28.9 million in cash and marketable securities.
"During the quarter, Array made significant progress on its proprietary product programs," said Robert E. Conway, Chief Executive Officer. "We are particularly excited about the rapid advancement of our lead clinical candidate in our MEK oncology program. We anticipate an IND filing for this clinical candidate in fiscal 2004, and discussions are underway with potential partners to advance clinical development and commercialization."
Highlights during the first quarter of fiscal 2004 include:
Array will hold a conference call on Tuesday, November 4, 2003, at 9:00 a.m. eastern time to discuss these results and Array's earnings guidance for fiscal 2004. If there is any additional information provided during this call, it will be available on a replay of the call and as a web cast on www.arraybiopharma.com . Robert E. Conway, Chief Executive Officer, and Michael Carruthers, Chief Financial Officer, will lead the call.
CONFERENCE CALL INFORMATION
There will be a replay of the conference call for one week, which can be accessed in the United States by dialing toll-free (888) 203-1112, and outside the United States (719) 457-0820. The access code is 772295. Replay of the call will also be available as a web cast on Array's web site at www.arraybiopharma.com .
About Array BioPharma:
Array BioPharma is a drug discovery company creating new small molecule drugs through the integration of chemistry, biology and informatics. Our experienced scientists utilize a comprehensive set of drug discovery technologies -- which we call the Array Discovery Platform(R) -- to invent drugs in collaboration with leading pharmaceutical and biotechnology companies and for our own pipeline of proprietary drug candidates. For more information on Array BioPharma, please visit our web site at www.arraybiopharma.com .
Array Forward-Looking Statement:
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 in our annual report filed on Form 10-K for the fiscal year ended June 30, 2003, and in other reports filed by Array with the Securities and Exchange Commission. 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 and fund 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, our ability to continue to fund and successfully progress internal research efforts and to create effective, commercially viable drugs, and our ability to attract and retain experienced scientists and management. We are providing this information as of November 3, 2003. 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, 2003 2002 (unaudited) Revenue $7,195 $10,504 Cost of revenue* 5,021 6,000 Research and development expenses: for collaborations* 2,231 1,838 for proprietary drug discovery 4,032 2,050 Selling, general and administrative expenses* 1,940 2,086 Total operating expenses 13,224 11,974 Loss from operations (6,029) (1,470) Interest income 92 256 Net loss $(5,937) $(1,214) Basic and diluted net loss per share $(0.21) $(0.04) Number of shares used to compute per share data 28,261 27,558 *Includes compensation related to option grants Cost of revenue $246 $265 Research and development for collaborations 164 177 Selling, general and administrative expenses 129 134 Total $539 $576 Summary Balance Sheet Data (in thousands) September 30, June 30, 2003 2003 (unaudited) Cash, cash equivalents and marketable securities $28,914 $34,130 Property, plant and equipment, gross 54,484 53,939 Working capital 35,713 39,453 Total assets 78,404 83,830 Stockholders' equity 72,487 77,714
SOURCE Array BioPharma Inc.
Tricia Haugeto of Array BioPharma Inc.,