Array ups R&D spending by $2.2 million for first quarter of fiscal 2007

By Lisa Kerner

Charlotte, N.C., Nov. 6 - Array BioPharma Inc. said it increased its research and development spending for proprietary drug discovery by $2.2 million to $10.9 million for the first quarter of fiscal 2007, compared with $8.3 million for the first quarter of fiscal 2006.

The company attributed the increase to additional preclinical and clinical development activities during the first quarter of fiscal 2007.

The company reported revenue of $11.0 million, down slightly from the $11.2 million reported for the same period in fiscal 2006, according to a news release.

Array had a net loss of $8.2 million, or $0.21 per share, for the first quarter, less than the net loss of $9.7 million, or $0.25 per share, for the same quarter in fiscal 2006.

At the end of the first quarter, Array had $95.8 million of cash, cash equivalents and marketable securities.

"We are delighted that ARRY-162, our first-in-class MEK inhibitor for the treatment of inflammatory diseases, has met its initial objectives in a single ascending dose clinical study involving 20 healthy volunteers," chief executive officer Robert E. Conway said of the company's highlights for the period.

"These preliminary results support its advancement into rheumatoid arthritis patients this fall."

Array is a Boulder, Colo.-based biopharmaceutical company.

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