Monday, Array BioPharma Inc. (ARRY) said that its second quarter loss narrowed from last year on higher revenue and reduction in operating expenses. Revenue for the quarter was ahead of analysts expectations. Shares rose about 8% after the announcement of the results.
Array's net loss for the second quarter narrowed to $21.8 million or $0.44 per share from $37.8 million or $0.79 per share in the comparable quarter last year.
On average, 11 analysts expected the company to report a loss of $0.55 per share for the quarter.
The Boulder, Colorado-based company's revenue for the second quarter was $9.6 million ahead of analysts expectation of $6.70 million and up from $7.7 million in the prior year quarter.
The company's license and milestone revenue for the quarter increased to $5.2 million from $2.6 million while collaboration revenue decreased to $4.4 million from $5.0 million in the same quarter last year.
Total operating expenses declined to $28.8 million from $33.2 million with proprietary research and development of $19.1 million to advance its wholly-owned drugs in clinical development and select discovery programs. Research and development expenses for the second quarter 2008 was $23.7 million.
Loss from operations was $19.1 million compared to $25.5 million in the year-ago period. Total other expense for the quarter narrowed to $2.6 million from $12.2 million, as $10.4 million of charge for impairment of marketable securities was excluded for the recent quarter.
The company noted that Bengt Bergstrom, joined as Vice President of its Clinical Development. Prior to joining the company, Bergstrom held various leadership positions within drug development, project management, strategic marketing and business development, and clinical sciences at Hoffmann-La Roche, most recently serving as Clinical Science Leader in oncology drug development.
For the six-month period, the company reported net loss of $46.6 million or $0.96 per share, compared to a loss of $71.5 million or $1.50 per share in the prior year. Year-to-date revenue increased to $17.5 million from $13.4 million in the same period last year.
ARRY closed Monday's regular trading session at $2.40, up $0.01 or 0.42% on a volume of 297,346 shares on the Nasdaq. In the after hours shares further rose 7.50% or $0.18, trading at $2.59.
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