Array BioPharma Prices Offering Of 18.40 Mln Shares At $6.25/shr

(RTTNews) - Array BioPharma Inc. (ARRY) announced the pricing of an underwritten public offering of 18.40 million shares of its common stock at a public offering price of $6.25 per share. The gross proceeds from the sale of the shares, before underwriting discounts and commissions and offering expenses, are expected to be about $115 million.

The offering is expected to close on or about October 3, 2016, subject to customary closing conditions. Array also granted the underwriters a 30-day option to purchase up to 2.76 million additional shares of common stock. All of the shares sold in the offering are being sold by Array.

Array noted that it intends to use the net proceeds to fund research and development efforts, including clinical trials for its proprietary candidates, build and scale commercial capability, and for general corporate purposes, including general working capital purposes.