Sep. 18, 2009 (Business Wire) -- Array BioPharma Inc. (Nasdaq: ARRY) today announced it had entered into an Equity Distribution Agreement with Piper Jaffray & Co. The Equity Distribution Agreement provides that the Company may offer and sell shares of its common stock, par value $0.001 per share, having an aggregate offering price of up to $25,000,000 from time to time through Piper Jaffray, as sales agent.
Array intends to use the net proceeds of this offering to make payments of interest under its outstanding $120 million credit facility with Deerfield Management and may use any additional proceeds to fund research and development efforts, including clinical trials, and for general corporate purposes, including working capital.
Any sales of the shares pursuant to the Equity Distribution Agreement will be made by means of ordinary brokers' transactions on the NASDAQ Global Market at market prices, in block transactions. Additionally, under the terms of the equity distribution agreement, we may also sell shares of our common stock through Piper Jaffray, as sales agent, on the NASDAQ Global Market or otherwise, at negotiated prices or at prices related to the prevailing market price. Under the terms of the Equity Distribution Agreement, Array may also sell shares to Piper Jaffray as principal for Piper Jaffray’s own account at a price agreed upon at the time of sale pursuant to a separate terms agreement to be entered into with Piper Jaffray at such time. Sale of shares are offered under the prospectus supplement dated September 18, 2009, which was filed pursuant to Array’s universal shelf registration statement on Form S-3 (file no. 333-155221) previously filed with the Securities and Exchange Commission.
A written prospectus may be obtained from the company at 3200 Walnut Street, Boulder, Colorado 80301, Attention: Investor Relations, or by calling 303-381-6600, or from Piper Jaffray & Co. at 800 Nicollet Mall, Suite 800, Minneapolis, MN 55402, or by telephone at 800-747-3924.
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, inflammatory diseases, pain and metabolic diseases. Our proprietary drug development pipeline includes clinical candidates that are designed to regulate therapeutically important target proteins and are aimed at significant unmet medical needs. For more information on Array, please go to www.arraybiopharma.com.
Forward-Looking Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about our future plans for the use of the proceeds from the offering with Piper Jaffray.
