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8-K - LIVE FILING - ARRAY BIOPHARMA INC | htm_39895.htm |
Press Release
CONTACT: Tricia Haugeto
(303) 386-1193
thaugeto@arraybiopharma.com
ARRAY BIOPHARMA ACHIEVES CLINICAL MILESTONE IN CELGENE COLLABORATION
Boulder, Colo., (November 30, 2010) Array BioPharma Inc. (NASDAQ: ARRY) announced today that a $10 million clinical research milestone was achieved in its collaboration with Celgene Corporation (NASDAQ: CELG). Celgene and Array entered into this research collaboration in September 2007. Array anticipates initiating a Phase 1 dose escalation trial in cancer patients with ARRY-382, a small molecule cFMS inhibitor, during the first quarter of 2011. Array is responsible for the continued development of ARRY-382 through Phase 1, and Celgene has an option to obtain exclusive rights to ARRY-382. If Celgene exercises this option, Celgene would be responsible for additional development and commercialization of this drug, and Array would be entitled to receive additional milestones, as well as royalties on sales of the drug.
Our partnership with Array reflects the important role the cFMS pathway plays in cancer, said Tom Daniel, M.D., President of Research and Early Development for Celgene Corporation. Array has expeditiously delivered this promising new agent to IND and we look forward to evaluating its activity in cancer patients as we continue our ongoing collaboration on additional targets.
In addition, Array continues to work on advancing two preclinical collaboration targets: TYK2 inhibitors for the treatment of inflammatory disease and PDGFR inhibitors for the treatment of fibrosis. Under the terms of the collaboration, Celgene has the option to select a total of two programs.
About Celgene
Celgene Corporation, headquartered in Summit, New Jersey, is an integrated global
biopharmaceutical company engaged primarily in the discovery, development and
commercialization of novel therapies for the treatment of cancer and inflammatory diseases
through gene and protein regulation. For more information, please visit the companys Web site
at www.celgene.com.
-more-
About Array BioPharma
Array BioPharma Inc. is a biopharmaceutical company focused on the discovery, development and
commercialization of targeted small-molecule drugs to treat patients afflicted with cancer and
inflammatory diseases. Our proprietary drug development pipeline includes clinical candidates that
are designed to regulate therapeutically important target proteins and are aimed at significant
unmet medical needs. For more information on Array, please go to www.arraybiopharma.com.
Array BioPharma Forward-Looking Statement:
This press release contains forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, including statements about our potential to earn future milestone
and royalty payments under our collaboration agreements, expectations that events will occur that
will result in greater value for the Company, the potential for the results of ongoing preclinical
and clinical trials to support regulatory approval or the marketing success of a drug candidate,
our ability to partner our proprietary drug candidates for up front fees, milestone and/or royalty
payments, and our future plans to progress, develop our proprietary programs and the plans of our
collaborators to progress and develop programs we have licensed to them. These statements involve
significant risks and uncertainties, including those discussed in our most recent annual report
filed on form 10-K, in our quarterly reports filed on Form 10-Q, and in other reports filed by
Array with the Securities and Exchange Commission. Because these statements reflect our current
expectations concerning future events, our actual results could differ materially from those
anticipated in these forward-looking statements as a result of many factors. These factors include,
but are not limited to, our ability to continue to fund and successfully progress internal research
and development efforts and to create effective, commercially viable drugs; our ability to
effectively and timely conduct clinical trials in light of increasing costs and difficulties in
locating appropriate trial sites and in enrolling patients who meet the criteria for certain
clinical trials; risks associated with our dependence on third-party service providers to
successfully conduct clinical trials within and outside the United States; our ability to achieve
and maintain profitability and maintain sufficient cash resources; the extent to which the
pharmaceutical and biotechnology industries are willing to in-license drug candidates for their
product pipelines and to collaborate with and fund third parties on their drug discovery
activities; our ability to out-license our proprietary candidates on favorable terms; risks
associated with our dependence on our collaborators for the clinical development and
commercialization of our out-licensed drug candidates; the ability of our collaborators and of
Array BioPharma Inc. to meet objectives tied to milestones and royalties; our ability to attract
and retain experienced scientists and management. We are providing this information as of November
30, 2010. We undertake no duty to update any forward-looking statements to reflect the occurrence
of events or circumstances after the date of such statements or of anticipated or unanticipated
events that alter any assumptions underlying such statements.
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