Last year wasn't good for small-molecule drug developers like Array BioPharma
Array's big news last year was the underwhelming results of its lead drug, potential MEK inhibitor and oncology compound ARRY-886, in a phase 2 trial run by partner AstraZeneca
Besides ARRY-886, Array will advance the six in-house drugs in its pipeline in 2008. Phase 2 results are due within the next six months for several of those candidates, including inflammation and pain treatment drug ARRY-797. Array's hepatitis C protease inhibitor, out-licensed with InterMune
Array started 2008 with $142 million in cash and equivalents on its balance sheet, which should be enough to get it through the year without needing to raise more funds. That's important, considering how depressed its share price is at present. Trying to raise cash now would significantly dilute current shareholders.
Recent months haven't been kind to investors in the small-molecule drug-discovery business. All of the specialized drug-discovery powerhouses without drugs on the market are trading at or near 52-week lows right now, including Exelixis
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