Array BioPharma Gets Phase 2 Payment

Boulder, Colorado-based Array BioPharma reported yesterday that it has received a payment from AstraZeneca for achieving a Phase 2 pharmaceutical study milestone. The company said that it has received $3M for the dosing of the first patient in its Phase 2 trials of its selective MEK inhibitor. The inhibitor is being applied to treament of stage II/IV melanoma patients. The company also said it would include patients with a variet of other solid tumors in its Phase 2 study. Array is backed by ARCH Venture Partners, Boulder Ventures, Falcon Technology Partners, Frazier Healthcare Ventures and Rovent Limited Partnership.