Biopharmaceutical company Array BioPharma Inc. said Monday its fiscal 2008 third-quarter loss widened on higher research and development costs.
The company lost $24.4 million, or 51 cents per share, compared with a loss of $14.1 million, or 35 cents per share, in the same period a year earlier. Revenue fell to $7.7 million from $10.4 million. The fiscal third quarter ended March 31.
Research and development costs rose 51 percent to $23.8 million, making up the bulk of operating expenses, which rose 32 percent to $33.3 million.
Analysts polled by Thomson financial expected a loss of 52 cents per share, on revenue of $7.3 million.
For the nine-month period ended March 31, Array lost $63.9 million, or $1.35 per share, compared with a loss of $38.2 million, or 97 cents per share, the year before. Revenue fell to $22.7 million from $29 million.
The company also said it struck an $80 million financing deal with Deerfield Management to help fund six ongoing drug development programs.
Shares of Array BioPharma rose 5 cents to $6.02 in after-hours trading after falling 30 cents, or 4.8 percent, to close at $5.97 during the regular trading session.
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