February 1, 2010 / 10:20 PM / 10 years ago

UPDATE 1-Array BioPharma posts smaller-than-expected Q2 loss

* Q2 adj loss $0.44/shr vs est loss of $0.55/shr

* Q2 rev $9.6 mln vs est $6.7 mln

* Shares up 17 pct in after-hours trade

Feb 1 (Reuters) - Array BioPharma Inc ARRY.O posted a narrower-than-expected quarterly loss, helped by payments from its drug partnerships, sending its shares up 17 percent in after-hours trade.

For the second quarter, net loss was $21.8 million, or 44 cents a share, compared to 37.8 million, or 79 cents a share, a year-ago.

Revenue for the quarter was up about 25 percent at $9.6 million.

Analysts on average were expecting the company to post a loss of 55 cents a share, on revenue of $6.7 million, according to Thomson Reuters I/B/E/S.

Array, which focuses on cancer, inflammatory and metabolic diseases, had inked a partnership deal with Amgen Inc (AMGN.O) for the development and marketing of its type 2 diabetes drug last December. [ID:nSGE5BE0JO]

“As a result of our partnering efforts, we are revising our guidance for the second half of the fiscal year, increasing our revenue and reducing our loss per share”, Chief Executive Robert Conway said in a statement, but did not give any revised figures.

The company was earlier expecting 2010 revenue in the range of $36 million to $38 million, and loss per share in the range $1.95 to $2.05, including items.

Shares of the company were up 17 percent at $2.80 in trading after the bell. They closed at $2.39 Monday on Nasdaq. (Reporting by Krishnakali Sengupta in Bangalore; Editing by Jarshad Kakkrakandy)

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