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Array BioPharma's CEO Discusses F4Q2012 Results - Earnings Call Transcript

With our progress on ARRY-614 for myelodysplastic syndromes and 520 for multiple myeloma, we see a clear internal focus on HemOnc space. We believe that focusing our internal programs will in fact maximize our likelihood for success.

Now taking a quick look back, Array has an incredible legacy in terms to developing great molecule, and its history Array has filed INDs on 18 molecules which remarkable is that 15 of them are still in human development and full 10 of those are currently in Phase 2. One thing to create a molecule it's something very different to have that molecule survive into Phase 2 and we have 10 of those, 7 are partnered with some of the finest companies in the industry such as AstraZeneca, Novartis, Genentech, Amgen, Celgene and others. And we are very excited about those partnerships and they are progressing well.

We have also been able to raise non-dilutive capital very effectively, and just in the past couple of years we have raised about $170 million from high value licensing partnerships. As recently as August of last year we announced the deal with Genentech on a pre-clinical Chk-1 program that included a $28 million upfront payment nearly 700 million in potential milestones and the potential for double-digit royalties. And these types of turns have not been unusual for Array assets. In fact we add up all of the potential milestones related to our partner portfolio a total of $3.4 billion and this is before royalties kick in. And there are additional assets that we will be looking to partner between now and the end of calendar year 2013.

So, currently we have about 90 million in cash as of the end of June and that should sustain us for a good period of time especially as we expect to do more partnering. The next 12 months is going to be very exciting and I will be reviewing some of the key catalyst with you today.

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