|Are Investors Starting to Appreciate Array BioPharma's Belt Tightening?|
|By Staff and Wire Reports|
|Wednesday, 29 June 2011 07:02|
Yesterday's trading action saw shares rise 4.55% to $2.30 +0.10 on very bullish action. In the past 52 weeks, shares of Array Biopharma have traded between a low of $2.06 and a high of $3.60 and just two weeks ago (June 17th) were at $2.06, which marked 57% of that high price.
Array BioPharma's proprietary drug development pipeline is primarily focused on the treatment of cancer and inflammatory disease and includes several small molecule drug candidates that are designed to regulate targets in therapeutically important biologic pathways. Its discovery platform includes: structural biology, predictive informatics, high throughput screening, cell biology, lead generation, lead optimization, drug metabolism, pharmacology, process research & cGMP and clinical or regulatory technologies.
Earlier in the month, Array announced that it was reducing staff by another 20 percent, or 70 positions, as part of a “restructuring to extend its financial resources.” In recent months, the drug research company has been cutting payroll and R&D costs as it has narrowed its research focus mainly to experimental drugs for which it has licensing deals.
As we look at the BioMedReports Trade Catalyst Calendar, we see that ARRY has three milestones listed this year. One Pahse Ib trial result for ARRY543 with Docetaxel (Advanced Solid Tumors), Another Phase Ib trial result, this time for ARRY543 with Gemzar for the treatment of Solid Tumors and finally a Phase I trial end status update for ARRY 403 for the treatment of Type II Diabetes. These events were discussed in previous press releases all issued by the company, and have no specific dates within 2011 specified.