Array BioPharma Inc. of Boulder on Monday reported results for the third quarter of its fiscal year ending June 30.
Net income for the third quarter was $58.3 million, or $0.37 per share, compared to a net loss of $24.9 million, or ($0.20) per share, for the same period in fiscal 2014.
Array ended the quarter with $191 million in cash, cash equivalents and marketable securities.
The company focuses on the discovery, development and commercialization of targeted drugs to treat patients with cancer.
In a statement, Ron Squarer, CEO of Array, noted, “With the close of the Novartis-GSK transaction, Array now owns both binimetinib and encorafenib, two innovative oncology products in Phase 3, with plans for regulatory submissions for each product in 2016. These transformative transactions have accelerated our path to commercialization and provide us with the opportunity to develop two potentially broadly active products in a number of indications.”
As part of the Novartis transaction, Array received an $85 million cash payment and extinguished net liabilities of $21.6 million which resulted in an increase in working capital of $106.6 million.
