Array BioPharma Achieves Clinical Milestone in Celgene Collaboration
BOULDER, Colo.--(BUSINESS WIRE)-- Array BioPharma Inc. (NASDAQ:ARRY - News) announced today that a $10 million clinical research milestone was achieved in its collaboration with Celgene Corporation (NASDAQ:CELG - News). 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 company's Web site at www.celgene.com.
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.
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