Array BioPharma and AstraZeneca Announce Oncology Collaboration
Phase I Clinical Trial on Array's Lead MEK Inhibitor Targeted for 2004
Under the agreement, Array will receive an upfront payment of $10 million, research funding, potential development milestones of over $85 million (dependent upon the number of successfully commercialized products) and royalties on product sales. Array plans to file an investigational new drug application (IND) and initiate a Phase I clinical trial during 2004.
AstraZeneca acquires exclusive worldwide rights to ARRY-142886 and certain second-generation compounds for all oncology indications.
"This product development agreement highlights the strength of Array's capabilities to create valuable orally-active drugs against therapeutically novel targets," said Robert E. Conway, Chief Executive Officer, Array BioPharma. "We believe that AstraZeneca, a leader in oncology, is an ideal partner to bring our most advanced proprietary product to cancer patients."
"Array has shown tremendous resourcefulness and expertise in creating this exciting drug candidate, supported by scientifically compelling preclinical data," said Les Hughes, Head of Oncology Research at AstraZeneca. "This program, which holds promise for the treatment of multiple cancer indications, is an important addition to our strong oncology pipeline and is complementary to our other research interests."
ARRY-142886, a selective orally-active MEK inhibitor, interferes with a critical cellular hyperproliferation pathway. ARRY-142886 has shown tumor suppressive activity in multiple rodent models of human cancer including melanoma, pancreatic, colon, lung, and breast cancers.
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