BOULDER, Colo., April 7 /PRNewswire-FirstCall/ -- Array BioPharma
(Nasdaq: ARRY) today announced an expansion of a collaboration agreement with
Genentech, Inc. (NYSE: DNA) to develop small molecule drugs against an
additional protein target in the field of oncology.
The original collaboration, which began in January 2004, was formed to
advance two of Array's proprietary oncology programs into clinical
development. Under the expanded agreement, Array will receive additional
research funding, as well as research and development milestone payments and
product royalties based on the success of the new program.
"We believe Genentech's expansion of our research collaboration further
validates Array's leadership position in cancer research," said Robert E.
Conway, Chief Executive Officer, Array BioPharma. "This collaboration
leverages Array's proprietary small molecule drug discovery expertise with
Genentech's cancer expertise, with the goal of creating products to address
one the world's largest unmet medical needs and market opportunities."
Details of the Transaction
Under the terms of this expanded agreement, Genentech and Array will
collaborate on the discovery of clinical candidates directed against a cancer
target, generated by Genentech. Genentech will have the sole responsibility
for clinical development and commercialization of the resulting products.
About Array BioPharma
Array BioPharma is a biopharmaceutical company focused on the discovery,
development and commercialization of orally active drugs to address
significant unmet medical needs. Our proprietary drug development pipeline is
primarily focused on the treatment of cancer and inflammatory disease and
includes several small molecule drug candidates that are designed to regulate
targets in therapeutically important biologic pathways. In addition, leading
pharmaceutical and biotechnology companies access our drug discovery
technologies and expertise through collaborations to design, create, optimize
and evaluate drug candidates across a broad range of therapeutic areas. For
more information on Array, please go to www.arraybiopharma.com.
Array Forward-Looking Statement:
This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995 that involve
significant risks and uncertainties, including those discussed in our annual
report filed on form 10-K for the year ended June 30, 2004, 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 achieve and maintain
profitability, 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 for their drug
discovery activities, our ability to out-license our proprietary candidates on
favorable terms, our ability to continue to fund and successfully progress
internal research efforts and to create effective, commercially viable drugs,
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 to meet drug objectives, including
clinical trials, tied to milestones and royalties, and our ability to attract
and retain experienced scientists and management. We are providing this
information as of April 7, 2005. 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.
SOURCE Array BioPharma