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Array BioPharma Initiates a New Drug Discovery Program With Amgen
BOULDER, Colo., Jan 14, 2002 /PRNewswire via COMTEX/ -- Array BioPharma Inc. (NASDAQ: ARRY) announced today the initiation of a new drug discovery program with Amgen Inc. The new program will replace the existing PTP-1B collaboration that was announced in November 2000. Array will retain all rights to the existing PTP-1B program.
Amgen will pay fees to Array based on the number of Array scientists working on the research phase of the agreement. Array will be entitled to receive success payments based on reaching certain research, development and commercialization milestones. Other terms were not announced.
"We are delighted to have the opportunity to continue working with Amgen on this new target," said Kevin Koch, Ph.D., President and Chief Scientific Officer, Array BioPharma. "Array will continue research on PTP-1B as part of our overall internal proprietary drug discovery efforts."
Array BioPharma is a drug discovery company inventing new drugs through the integration of chemistry, biology and informatics. We collaborate with leading pharmaceutical and biotechnology companies to identify novel small molecule drugs using the Array Discovery Platform. We leverage this integrated approach to small molecule drug discovery to develop our own pipeline of proprietary drug candidates. For more information on Array BioPharma, please visit the company's web site at www.arraybiopharma.com.
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 below and described more fully in reports filed by Array with the Securities and Exchange Commission, including our Annual Report on Form 10-K as filed on September 27, 2001. 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 collaborate with third parties on their drug discovery activities, the ability of our collaborators and of Array to meet drug discovery objectives tied to milestones and royalties, and our ability to attract and retain experienced scientists and management. We are providing this information as of January 14, 2002. 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 Inc.
CONTACT: Tricia Haugeto of Array BioPharma, +1-303-386-1193, or firstname.lastname@example.org