Array BioPharma Inc. transferred certain rights and assets related to its ARRY-797 drug program to its unit Yarra Therapeutics LLC.
The transfer includes all patents, patent applications and other intellectual property rights, pre-clinical and clinical data, regulatory submissions, inventory, contracts, equipment, books, and records for the program, which is evaluating ARRY-797 in patients with lamin A/C-related dilated cardiomyopathy, a rare, degenerative cardiovascular disease.
Bryan Stuart will be CEO and president of Yarra. He previously was CEO and president at Kastle Therapeutics.
Array said that its ownership in Yarra will be reduced if Yarra is successful in closing one or more equity financings with third-party investors. Depending upon the terms of such financings, Array may lose control over decisions affecting future development of ARRY-797.