Biotech Values

[mcbio]

ARRY - CEO resigns

[Strange timing as things seem to be going well at ARRY. This is not something I normally take as a good sign though I don't intend to sell here either.]

http://finance.yahoo.com/news/Array-BioPharma-Chief-bw-2022831380.html?x=0

Array BioPharma's Chief Executive Officer Robert E. Conway Resigns

BOULDER, Colo.--(BUSINESS WIRE)-- Array BioPharma Inc. (NASDAQ: ARRY - News) today announced that Robert E. Conway has resigned as Chief Executive Officer and a Director for personal reasons. The Board has appointed Kyle Lefkoff, Chairman of the Board, to serve as Executive Chairman. In this capacity, Mr. Lefkoff will oversee the Company in the interim and lead the effort to identify a new Chief Executive Officer.

“As Executive Chairman,” Mr. Lefkoff stated, “I will be focused on working with the Array management team to ensure a smooth transition and continued advancement of the Company’s multiple clinical programs in cancer and inflammation and supporting our many partnered programs.”

“I am grateful for the opportunity to have served as Array's Chief Executive Officer and to have worked with such a high caliber team during my twelve years with the Company,” said Robert E. Conway. “I would like to thank the entire Array team and Board of Directors for their dedication, creativity and hard work, and I will be available to work with them on transition issues. My decision to leave Array at this time is for purely personal reasons that are not reflective of any events related to Array. I am proud of the Company's accomplishments during my tenure.”

“The Board and Array thank Mr. Conway for his leadership and contributions during his 12-year tenure with the Company,” Mr. Lefkoff remarked. “Under Mr. Conway’s leadership, Array has grown from a drug discovery and early-stage development company to a clinical stage drug development company with a deep pipeline of programs. These include nine drugs in Phase 2, with the expectation to announce important clinical data during 2012. His team has raised over $500 million in non-dilutive financing through its partnered programs, and the Company currently has $3.4 billion in potential milestone payments under its collaborations.”

“The Board will commence a search for a new Chief Executive,” said Mr. Lefkoff. “We will seek an individual who has deep clinical development and commercialization expertise to lead Array in achieving its strategy of becoming a commercial-stage biopharmaceutical company.”

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. Array has four core proprietary clinical programs: ARRY-614 for myelodysplastic syndromes, ARRY-520 for multiple myeloma, ARRY-797 for pain and ARRY-502 for asthma. In addition, Array has 10 partner-funded clinical programs including two MEK inhibitors in Phase 2: selumetinib with AstraZeneca and MEK162 with Novartis. For more information on Array, please go to www.arraybiopharma.com.