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,