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|Array BioPharma Announces Drug Discovery Collaboration With Japan Tobacco|
|BOULDER, Colo., Mar 13, 2002 /PRNewswire-FirstCall via COMTEX/ -- Array
BioPharma Inc. (Nasdaq: ARRY) today announced it has entered into a drug
discovery collaboration agreement with the pharmaceutical division of Japan
Tobacco Inc. (JT) (TSE: 2914) to create small molecule therapeutics against a
proprietary JT target.
JT will fund drug discovery research conducted by Array based on the number of Array scientists working on the research phase of the agreement. Array will be entitled to receive milestone payments based on the selection and progress of clinical drug candidates, as well as royalties on net sales of products derived from the collaborative efforts. Other terms were not announced.
About Array BioPharma Inc.:
Array BioPharma is a drug discovery company inventing new small molecule drugs through the integration of chemistry, biology and informatics. Our experienced scientists use our integrated set of drug discovery technologies, which we call the Array Discovery Platform, to invent novel small molecule drugs in collaboration with leading pharmaceutical and biotechnology companies and to build our own pipeline of proprietary drug candidates. For more information on Array BioPharma, please visit our web site at www.arraybiopharma.com .
Array Forward-Looking Statement:
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 Final Prospectus filed on February 12, 2002. 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 March 13, 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 Inc., +1-303-386-1193, firstname.lastname@example.org