Reuters: Global Markets: Array BioPharma loss narrows

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Array BioPharma loss narrows Aug 13th 2012, 22:02 Mon Aug 13, 2012 6:02pm EDT (Reuters) - Array BioPharma Inc (ARRY.O) posted a lower-than-expected quarterly loss as operating expenses fell, sending its shares up as much as 9 percent after the bell. Fourth-quarter net loss narrowed to $8 million, or 9 cents per share, from $21.8 million, or 38 cents per share, a year earlier. Revenue rose about 9 percent to $20.7 million. Total operating expenses fell 18 percent to $25.6 million. Analysts on average had expected a loss of 13 cents per share, on revenue of $21.4 million, according to Thomson Reuters I/B/E/S. The company said in July that its experimental pain drug did not reduce pain better than the existing standard of care in a mid-stage study. Shares of the Boulder, Colorado-based company, which have risen about 31 percent in the last three months, were up 9 percent after the bell. They had closed at $4.56 on Monday on the Nasdaq.

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