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Author: SarahGen Big gold star, 5000 posts Top Favorite Fools Old School Fool Ticker Guide Supernova Odyssey 1
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Subject: ARRY gets some cash Date: 12/15/2009 12:50 PM
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this should help my average in the contest (SLXP has done well but ARRY has dragged me down),

oh, and yes, it should help keep ARRY in business while they continue development

Amgen threw them $60M to get in on the diabetes development (and more)
Amgen will pay $60 million up front to Array. Amgen also will fund some full-time Array employees as part of a two-year research collaboration.

Amgen will receive exclusive worldwide rights to Array's small-molecule glucokinase activator program, aimed at developing drugs that help the body produce more insulin. That program includes a potential drug compound, ARRY-403, in early-stage testing. Amgen officials said the compound strengthens the company's diabetes pipeline.

Array also will receive royalties on sales of the drug and could earn additional payments based on clinical and commercial milestones, the companies said in a statement.

http://finance.yahoo.com/news/Amgen-Array-BioPharma-enter-ap...
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