Array Technologies Inc (ARRY)

[surf1944]

6:23AM Array Biopharma: AstraZenica (AZN) initiates Phase 3 clinical trial for selumetinib in non-small cell lung cancer; triggers $3 mln milestone payment to Array (ARRY) 5.30 : AstraZeneca (AZN) announced the first patient randomized in a Phase 3 clinical trial for selumetinib, an oral, potent, selective MEK inhibitor, being investigated as second-line therapy in patients with advanced or metastatic non-small-cell lung cancer whose tumors are KRAS mutation-positive. Array BioPharma invented and licensed worldwide rights to develop and commercialize selumetinib to AstraZeneca in 2003. The initiation of the Phase 3 trial triggered a $5 million milestone payment to Array. Array retains significant economic rights to selumetinib under the agreement with AstraZeneca, including double digit royalties on global commercial sales and the potential for ~ $70 million in additional milestone payments.