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Array BioPharma Inc.
Array BioPharma Accelerates Partnering Activities and Scales Back Discovery Research to Extend Available Capital
January 24th, 2009
Array BioPharma Inc. (NASDAQ: ARRY) announced plans to accelerate partnering initiatives and scale back discovery research spending over the next 24 months to help ensure sustainable growth through the current uncertain capital market conditions. During 2009, Array expects to reduce net cash used in operating activities from a planned approximately $30 million per quarter to approximately $20 million per quarter, before new partner or milestone payments. Array had $101 million in cash, cash equivalents and marketable securities on September 30, 2008 and received an additional $40 million in cash in December 2008 when Deerfield Capital funded the second draw under its credit facility with...
Source: Law & Health Weekly (2009-01-24)
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