BOULDER, Colo.--(BUSINESS WIRE)--Feb. 14, 2012--
Array BioPharma Inc. (NASDAQ: ARRY) today announced the closing of its
previously announced underwritten public offering of 23,000,000 shares
of its common stock at a public offering price of $2.60 per share, which
includes the exercise in full by the underwriters of the over-allotment
option to purchase 3,000,000 shares of common stock. Array received net
proceeds from the sale of the shares, after underwriting discounts and
commissions and estimated offering expenses, of approximately $56.1
million. Array intends to use the net proceeds from this offering to
fund research and development efforts, including clinical trials for
Array’s proprietary candidates, and for general corporate purposes.
Jefferies & Company, Inc. and Leerink Swann LLC acted as joint
book-running managers for the offering. Stifel Nicolaus Weisel acted as
co-manager for the offering. Copies of the final prospectus supplement
and accompanying prospectus may be obtained from Jefferies & Company,
Inc., Attention: Equity Syndicate Prospectus Department, 520 Madison
Avenue, 12th Floor, New York, New York 10022, or by calling (877)
547-6340, and Leerink Swann LLC, Attention: Syndicate Department, One
Federal Street, 37th Floor, Boston, Massachusetts 02110, or by calling
(800) 808-7525.
The shares were sold pursuant to an effective shelf registration
statement filed with the Securities and Exchange Commission. This press
release does not constitute an offer to sell, or the solicitation of an
offer to buy, these shares of common stock, nor will there be any sale
of these shares in any state or other jurisdiction in which such offer,
solicitation or sale is not permitted.
About Array BioPharma
Array BioPharma Inc. is a biopharmaceutical company focused on the
discovery, development and commercialization of targeted small-molecule
drugs to treat patients afflicted with cancer and inflammatory diseases.
Array has four core proprietary clinical programs: ARRY-614 for
myelodysplastic syndromes, ARRY-520 for multiple myeloma, ARRY-797 for
pain and ARRY-502 for asthma. In addition, Array has 10 partner-funded
clinical programs including two MEK inhibitors in Phase 2: selumetinib
with AstraZeneca and MEK162 with Novartis.
Forward-Looking Statements
This press release contains forward-looking statements that are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements include
statements concerning the expected use of proceeds from the offering.
These statements involve significant risks and uncertainties. Because
these statements reflect our current expectations concerning future
events, our actual events could differ materially from those anticipated
in these forward-looking statements as a result of many factors.
Additional information concerning these and other factors that may cause
actual events to differ materially from those anticipated in the
forward-looking statements is contained in the “Risk Factors” section of
Array’s most recent Annual Report on Form 10-K, in our other periodic
reports and filings with the Securities and Exchange Commission and in
the prospectus supplement related to the offering. We caution investors
not to place undue reliance on the forward-looking statements contained
in this press release. All forward-looking statements are based on
information currently available to Array on the date hereof, and we
undertake no obligation to revise or update these forward-looking
statements to reflect events or circumstances after the date of this
press release, except as required by law.
Source: Array BioPharma Inc.
Array BioPharma Inc.
Tricia Haugeto, 303-386-1193
thaugeto@arraybiopharma.com
