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Array restructuring

June 15, 2011 12:28 AM UTC

Array BioPharma Inc. (NASDAQ:ARRY) will restructure and reduce headcount by 70 (22%) to 255 to save cash. The cuts will primarily affect discovery research and support positions. Array said it is now seeking to partner two cancer candidates: ARRY-543, an inhibitor of EGFR and HER2 in Phase II testing for solid tumors; and ARRY-380, an inhibitor of HER2 in Phase I testing for breast cancer. Array also said the restructuring will affect undisclosed early stage programs. The restructuring is expected to save about $20 million in fiscal year 2012. At March 31, Array had $75.8 million in cash and a nine-month operating loss of $24.6 million. ...