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Array BioPharma, Inc. (ARRY) Achieves $8.5 Million Clinical Milestone

|Includes: Array BioPharma Inc. (ARRY)

Array BioPharma announced that the company has achieved an $8.5 million clinical milestone in a collaboration with Amgen. The collaboration began during 2009 and details the development of a small-molecule glucokinase activator (GKA) program.

Array BioPharma is focused on developing and monetizing targeted small-molecule drugs to treat patients afflicted with cancer and inflammatory diseases. Array has a portfolio of four proprietary clinical programs, including ARRY-614 for myelodysplastic syndromes, ARRY-520 for multiple myeloma, ARRY-797 for pain, and ARRY-502 for asthma. Array also has ten partner-funded programs, which are in conjunction with companies such as AstraZeneca and Novartis.

The milestone was obtained after Amgen reached a pre-defined patient enrollment level in a Phase 2a clinical trial; a randomized, double-blind, placebo-controlled study of AMG 151 in combination with metformin in patients with Type 2 diabetes.

Under the terms of the agreement, Amgen first paid an up-front fee of $60 million, and is entitled to receive up to approximately $658 million in additional milestone payments should all further milestones specified in the agreement be achieved. In addition, Array is entitled to royalties on sales from any drugs developed under the agreement.

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