Rare Daily Staff
Array BioPharma, in a filing with the U.S. Securities and Exchange Commission, said it spun out its experimental therapy to treat a rare cardiomyopathy to a newly created wholly-owned subsidiary called Yarra Therapeutics.
The ARRY-797 program spun out to Yarra includes certain rights and assets related to the drug program, including all patents, data, contracts and other related materials. ARRY-797 is an oral, selective p38 mitogen-activated protein kinase inhibitor.
The spinout provides a way for Array to satisfy its obligations under a September 2, 2016 $10 million note purchase agreement with affiliates of Redmile Capital. Should Yarra be successful in raising additional capital, Array can satisfy its obligations to Redmile by providing equity in the spinout.
Bryan Stuart will serve as Yarra’s president and CEO. Prior to joining Yarra, Stuart was president and CEO of Kastle Therapeutics, a biopharmaceutical company focused on developing and commercializing therapeutics for patients with rare diseases. Previously he serves as chief business officer of Civitas Therapeutics through the sale of the company to Acorda Therapeutics in 2014. He held several other executive positions with biopharmaceutical companies prior to that.
December 27, 2017
Photo: Bryan Stuart