Boulder, Colo. – (November 1, 2000) - Array BioPharma Inc. today announced that it has signed a research and license agreement with Amgen Inc. (NASDAQ:AMGN) for the identification and optimization of small molecule inhibitors to the phosphatase target, PTP1B, for the treatment of diabetes and related diseases. Using its proprietary drug discovery platform, Array has developed small molecule leads for PTP1B. Array and Amgen will initiate a joint collaboration to optimize these leads to develop PTP1B based therapeutics.
Under the terms of this agreement, Array will provide Amgen with an exclusive license to Array's existing PTP1B program and exclusive worldwide rights to develop and commercialize PTP1B related products developed under this collaboration.
“This agreement with Amgen is our first collaboration to commercialize one of Array’s proprietary drug discovery programs, created by our experienced team of biologists and chemists,” said Robert E. Conway, Chief Executive Officer of Array. “Array is delighted to be working with a company of Amgen’s stature.”
“We are impressed with Array’s expertise in drug discovery and we are looking forward to our collaboration with them,” said Amgen Executive Vice President and Head of Research, Dennis M. Fenton, Ph.D. “This collaboration for the development of small molecule therapeutics complements our internal biological drug discovery efforts in the area of diabetes and metabolic disease.”
Array BioPharma, Inc., is a discovery research company creating drug candidates through innovations in chemistry. Array combines innovations in drug discovery technology with products and services to create, evaluate and optimize potential drug candidates in collaboration with pharmaceutical and biotechnology companies. For additional information, visit the company’s web site at www.arraybiopharma.com.
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