ARRY @ Jefferies (11/15/12)
1. ARRY's recent cash raise was designated for taking ARRY-614 and ARRY-520 forward.
2. 614 was reformulated with a new "salt" to improve the bioavailablity compared to the prior version.
3. ARRY was recently told by AZN to likely expect the P2 selumetinib BRAF melanoma data at ASCO 2013 (this is one of the most overdue timelines for drug results that I have ever seen personally, not that that necessarily means anything). ARRY expects this to be another data point showing that selumetinib is active but seems to question if AZN will push forward in BRAF melanoma given that they are behind the competition here.
4. Some discussion of AZN's CEO having reviewed the plans for selumetinib and being "comfortable" with them. ARRY seems confident that AZN will take selumetinib into pivotals in at least NSCLC and possibly thyroid and other indications. Also noted that AZN may give details on their future plans for selumetinib at their next R&D Day, which may occur in 1Q2013. There were comments on the tox issues with the GSK MEK and it not being very combinable with docetaxel and how this favors selumetinib because it is at least more combinable than the GSK MEK as it relates to safety.
5. ARRY expects to initiate a pivotal trial on its own with MEK162 next year in one indication.
6. ARRY expects that there will be combo data for the 8, 9, or 10 combo trials that NVS is running with MEK162 at ASCO 2013.
7. ARRY-797 partnership interest has "accelerated" after the disease modification data was announced. ARRY is still guiding for a partner in 1H13.
