Binimetinib is a small molecule selective inhibitor of MAP kinase kinase 1 (MAP2K1; MEK1) and MEK2, and encorafenib is a small molecule BRAF inhibitor. In 2015, Array obtained rights to both compounds from Novartis AG (NYSE:NVS; SIX:NOVN), which is funding the trials. Laboratoires Pierre Fabre S.A. (Castres, France) has exclusive, worldwide rights to both products, excluding the U.S., Canada, Japan, Korea and Israel, under a November 2015 deal with Array (see BioCentury Extra, Nov. 16, 2015).
On Wednesday, Array also released results for its third fiscal quarter ending March 31. The company reported a diluted loss per share of $0.21, wider than the Street's loss per share estimate of $0.17. Revenues were $33.3 million, compared to a $37 million consensus.
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