Key Developments: Array Biopharma Inc (ARRY.W)
4.90USD
19 Jun 2013
$-0.05 (-1.01%)
$4.95
$4.96
$5.01
$4.87
5,700
5,956
$6.54
$3.25
Latest Key Developments (Source: Significant Developments)
Array Biopharma Inc Announces Positive Interim Results From Combination Trial Of Arry-520 With Kyprolis At The 2013 European Hematology Association Congress
Array Biopharma Inc announced that interim results from an ongoing ARRY-520 clinical trial in multiple myeloma (MM) were presented at the 2013 Congress of the European Hematology Association in Stockholm, Sweden. Also at the meeting, Array presented updated information on a potential patient selection marker for ARRY-520. ARRY-520 is a selective, targeted inhibitor of KSP with a mechanism of action distinct from other drugs used to treat MM that continues to advance in clinical trials. Interim data from an ongoing combination trial of ARRY-520 with Kyprolis (carfilozomib) in patients with relapsed or refractory MM who are refractory or intolerant to Velcade (bortezomib) were reported. The combination has demonstrated early signals of activity with a disease control rate (complete response, partial response, minimal response or stable disease) of 82% and a clinical benefit rate (=minimal response) of 53%, including one complete response. In addition, the combination has been well tolerated with no unexpected hematologic toxicity and a manageable side effect profile. More than half of the patients enrolled remain on study, with patients in the current cohort receiving full doses of both drugs without reaching a maximum tolerated dose (MTD). Data on a potential patient selection marker was also presented from multiple studies of ARRY-520 in patients with relapsed and refractory multiple myeloma. Full Article
Array Biopharma Inc Announces Pricing of Public Offering of $115 Million of Convertible Senior Notes
Array Biopharma Inc announced that it has priced its previously announced offering of convertible senior notes in an underwritten public offering pursuant to an effective shelf registration statement on Form S-3. Array will issue a total of $115 million aggregate principal amount of senior notes. Array also granted the underwriters a 30-day option to purchase up to an additional $17.25 million in aggregate principal amount of convertible senior notes in connection with the offering. Array anticipates that its aggregate net proceeds from the offering will be $111.3 million after deducting the underwriting discount and estimated offering expenses payable by Array (assuming no exercise of the underwriters' option to purchase additional notes), and expects to use approximately $92.6 million of the net proceeds to repay its outstanding secured indebtedness, with the remaining proceeds expected to be used for general corporate purposes. Goldman, Sachs & Co. and J.P. Morgan Securities LLC are acting as joint book-running managers for the offering, and Piper Jaffray & Co. and Stifel, Nicolaus & Company, Incorporated are acting as co-managers. The notes will be general senior unsecured obligations of Array. The notes will bear interest at a rate of 3.0% per year, payable semi-annually, and will mature on June 1, 2020. Full Article
Array Biopharma Inc Announces Proposed Public Offering Of Convertible Debt
Array Biopharma Inc announced that it plans to offer, subject to market and other conditions, convertible senior notes due 2020 of approximately $100 million in aggregate principal amount in an underwritten public offering pursuant to an effective shelf registration statement on Form S-3. Array expects to grant the underwriters a 30-day option to purchase up to approximately an additional $15 million in aggregate principal amount of convertible senior notes in connection with the offering. Prior to March 1, 2020, the notes will be convertible only upon certain circumstances and during certain periods. Upon conversion, the holders will receive, at Array's option, shares of Array's common stock, cash or a combination of shares and cash. Goldman, Sachs & Co. and J.P. Morgan Securities LLC are acting as joint book-running managers for the offering. The notes will be general senior unsecured obligations of Array and will pay interest semi-annually. The principal amount, interest rate, conversion rate, offering price and other terms will be determined at the time of pricing of the offering. Array expects to use approximately $92.6 million of the net proceeds to repay its outstanding secured indebtedness, with the remaining proceeds expected to be used for general corporate purposes. Full Article
Array Biopharma Inc Reaffirms FY 2013 Guidance
Array Biopharma Inc announced that for fiscal 2013, it expects revenue to come in about $60 million with loss per share of $0.55. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenue of $62 million and EPS of $(0.54) for fiscal 2013. Full Article
Array Biopharma Inc Lowers FY 2013 Revenue Guidance; Raises FY 2013 EPS Guidance; Issues Q3 Guidance Below Analysts' Estimates-Conference Call
Array Biopharma Inc announced that for fiscal 2013, it expects revenue to come in about $60 million with loss per share of $0.55. For the third quarter of 2013, it expects $14 million in revenue and a $0.14 loss per share. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenue of $62 million and EPS of $(0.58) for fiscal 2013; and revenue of $15 million and EPS of $(0.15) for the third quarter of 2013. Full Article
Array Biopharma Inc Announces Exercise And Closing Of Underwriters' Over-Allotment Option
Array Biopharma Inc announced that the sale of 2,700,000 shares of its common stock pursuant to the exercise of the over-allotment option granted to the underwriters in connection with Array's previously announced underwritten public offering of 18,000,000 shares of its common stock at a public offering price of $3.65 per share. The total net proceeds to Array, including from the exercise of the over-allotment option, were $70.9 million, after deducting underwriting discounts and estimated expenses. Jefferies & Company, Inc. and J.P. Morgan Securities LLC acted as joint book-running managers for the offering, with Piper Jaffray & Co., Stifel Nicolaus Weisel and William Blair acting as co-managers. Full Article
Array Biopharma Inc Announces Proposed Public Offering Of Common Stock
Array Biopharma Inc announced that it is offering to sell shares of its common stock pursuant to an effective shelf registration statement in an underwritten public offering. Array also intends to grant the underwriters a 30-day option to purchase additional shares of common stock to cover over-allotments, if any. All of the shares to be sold in the offering are to be sold by Array, with the proceeds to be used to fund research and development activities and for general corporate purposes. Jefferies & Company, Inc. and J.P. Morgan Securities LLC are acting as joint book-running managers for the proposed offering, with Piper Jaffray & Co., Stifel Nicolaus Weisel and William Blair acting as co-managers. Full Article
Array Biopharma Inc Reaffirms FY 2013 Guidance; Issues Q2 2013 Guidance; EPS Guidance Above Analysts' Estimates-Conference Call
Array Biopharma Inc announced that it is holding its guidance for fiscal 2013 without any change. Revenue should come in at about $62 million with loss per share around $0.60. For the second quarter of 2013, the Company is looking for a very similar quarter as what just finished at $16 million in revenue and a $0.14 loss per share. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenue of $64 million and EPS of $0.60 for fiscal 2013; and revenue of $16 million and EPS of $(0.15) for the second quarter of 2013. Full Article
Array Biopharma Inc Issues FY 2013 EPS Guidance Below Analysts' Estimates; Issues Q1 2013 Mixed Guidance-Conference Call
Array Biopharma Inc announced that it is targeting loss per share (EPS) to be $0.60 for fiscal 2013. For the first quarter of 2013, the Company expects revenue to be approximately $17 million and loss per share about $0.15. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report EPS of $(0.51) for fiscal 2013; and revenue of $15 million and EPS of $(0.14) for the first quarter of 2013. Full Article
Clovis Oncology Inc and Array BioPharma, Inc. Announce Agreement To Discover Mutant KIT Inhibitor
Clovis Oncology Inc and Array BioPharma, Inc. announced an agreement for the discovery of a KIT inhibitor targeting resistance mutations for the treatment of GIST. GIST is a gastrointestinal cancer diagnosed each year in more than 12,000 patients in the US and EU and 2,500 in Japan. Currently approved therapies for GIST include the tyrosine kinase inhibitors (TKIs) Gleevec (imatinib), and Sutent (sunitinib), typically used first- and second-line respectively. Each inhibits some KIT mutations, but acquired resistance due to secondary KIT mutations occurs in the majority of GIST patients, resulting in disease progression. Full Article
Earnings vs. 
Estimates
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
