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|InterMune and Array BioPharma Announce Drug Discovery Collaboration Focused on Hepatitis|
BRISBANE, Calif. and BOULDER, Colo., Sept. 30 /PRNewswire-FirstCall/ -- InterMune, Inc. (Nasdaq: ITMN) and Array BioPharma Inc. (Nasdaq: ARRY) today announced a drug discovery collaboration agreement to create small molecule therapeutics targeting hepatitis.
"We are very pleased to enter this collaboration with Array, which has a track record of success in creating promising drug candidates," said Scott Harkonen, President and CEO of InterMune. "This deal represents our strategy to expand our own internal applied research capabilities and efforts, which are focused on exploring new uses for our lead products and identifying promising drug candidates to build our pulmonary disease, infectious disease and anti-cancer franchises."
InterMune will fund drug discovery research conducted by Array based on the number of Array scientists working on the research phase of the agreement and will be responsible for all development and commercialization. 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 disclosed.
"We are delighted to collaborate with InterMune, an emerging leader in the development and commercialization of products for infectious diseases," said Robert E. Conway, Chief Executive Officer, Array BioPharma. "This collaboration leverages Array's expanding drug discovery platform with InterMune's recognized development and commercialization expertise with the goal of creating products to address one the world's largest unmet medical needs and market opportunities."
InterMune is a commercially driven biopharmaceutical company focused on the marketing, development and applied research of life-saving therapies for pulmonary disease, infectious disease and cancer. For additional information about InterMune, please visit www.intermune.com .
About Array BioPharma
Array BioPharma is a drug discovery company creating new small molecule drugs through the integration of chemistry, biology and informatics. Our experienced scientists use an integrated set of drug discovery technologies, which we call the Array Discovery Platform, to invent 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 BioPharma Forward-Looking Statement
This press release contains Array's forward-looking statements including the statement that Array is entitled to receive milestone and royalty payments, 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 filed on Form 10-K dated September 27, 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, 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 September 30, 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.; InterMune, Inc.
/CONTACT: Investors, Myesha Edwards, +1-415-466-2242, email@example.com, or Media, Jim Weiss, +1-415-362-5018, firstname.lastname@example.org, both for InterMune, Inc.; or Tricia Haugeto of Array BioPharma Inc., +1-303-386-1193, email@example.com/
/Web site: http://www.intermune.com /