BOULDER — Array BioPharma Inc. announced Wednesday that it will be eliminating about 20 percent of its staff, or an estimated 50 jobs.
The staff reduction was outlined in a company report detailing financial results for the fourth quarter and full fiscal year of 2013, which ended June 30.
The company, which develops drugs to treat cancer, diabetes, hepatitis C and other diseases, reported a net loss of $61.9 million — or 57 cents per share — over the fiscal year, despite bringing in $25.4 million in revenue last quarter, a company record for the fourth quarter.
In a news release issued Wednesday, the company said it was informed this week that Amgen Inc. had elected to end a partnership between the two companies that was centered on diabetes drugs. The AP reported Wednesday that Array’s shares fell 25 cents to $6.30 in aftermarket trading.
