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|GenPath and Array BioPharma Announce Drug Discovery Collaboration Focused on Cancer|
CAMBRIDGE, Mass., and BOULDER, Colo., Jul 07, 2003 /PRNewswire-FirstCall via Comtex/ -- GenPath Pharmaceuticals, Inc. and Array BioPharma Inc. (Nasdaq: ARRY) today announced a drug discovery collaboration agreement to identify small molecule drugs which target a novel tumor maintenance gene discovered in GenPath's proprietary genetic model systems.
"This drug discovery effort is based on the first novel target to come out of our discovery engine," said Tuan Ha-Ngoc, President and Chief Executive Officer, GenPath. "Array's drug discovery capabilities complement the powerful biological discovery technology already in place at GenPath. Accessing Array's compound libraries, high-throughput screening and medicinal chemistry resources will accelerate our ability to move GenPath's first products into the clinic, as we build our own internal organization," added Ha-Ngoc.
Under the agreement, Array will receive research funding and be entitled to receive milestone payments based on the selection and progress of a development candidate. Other terms of the agreement were not disclosed.
"We are delighted to collaborate with GenPath, an emerging leader in the development of products for cancer," said Robert E. Conway, Chief Executive Officer, Array BioPharma. "This collaboration leverages Array's expanding drug discovery platform with GenPath's recognized genetic model system expertise with the goal of creating products to address one the world's largest unmet medical needs and market opportunities."
GenPath employs powerful, proprietary genetic model systems to discover and develop drugs against essential targets critical to the origin, maintenance, and spread of malignant tumors. This novel, high-throughput in- vivo pathway technology platform enables the rapid functional prioritization of only the most relevant drug targets, thus dramatically improving the efficiency of drug discovery. In addition, when coupled with high-throughput genomics and bioinformatics, this platform is designed to enhance drug development through the identification of novel biomarkers for both exposure and efficacy endpoints to guide clinical development. Beyond oncology, GenPath's technologies are broadly applicable to other disease states, including cardiovascular, metabolic and neurodegenerative disorders. For more information, please visit the company's website at www.genpathpharma.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 forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties, including those discussed in our annual report filed on Form 10-K for the fiscal year ended June 30, 2002, and in other reports filed by Array with the Securities and Exchange Commission. 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 and fund 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, our ability to continue to fund and successfully progress internal research efforts, and our ability to attract and retain experienced scientists and management. We are providing this information as of July 7, 2003. 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.
Elan Ezickson, Chief Business Officer of GenPath
Pharmaceuticals, Inc., +1-617-250-5937, email@example.com; or