NEW YORK--(BUSINESS WIRE)--Levi & Korsinsky announces it has commenced an investigation of Array BioPharma Inc. (“Array BioPharma” or the “Company”) (NASDAQ: ARRY) concerning possible violations of federal securities laws.
On March 19, 2017, Array BioPharma announced it had withdrawn its New Drug Application for binimetinib monotherapy for the treatment of NRAS-mutant melanoma. Array BioPharma said the company “concluded that the clinical benefit demonstrated in the Phase 3 NEMO clinical trial would not be found sufficient to support approval of the NRAS-mutant melanoma NDA.”
Then on March 21, 2017, an article featured on Endpoints News suggested that this move comes as a surprise, as the Company had issued positive statements about the drug treatment, noting “execs are walking back the application” just fifteen months after suggesting it had the data needed for its first approval of binimetinib for NRAS-positive melanoma.” Endpoints News also noted that “in late 2015…CEO Ron Squarer said that their MEK blocker hit the primary endpoint on progression-free survival, with the drug registering 2.8 months compared to 1.5 months for a group on dacarbazine. It didn’t look like much, but Array said it was plenty to take to the FDA.” Shares of Array BioPharma have fallen from a close of $10.56 on March 17, 2017 to a recent close of $8.35 per share on July 14, 2017. To obtain additional information, go to:
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