Banking & Finance  December 27, 2016

Array BioPharma secures $20M in financing

BOULDER — Array BioPharma Inc. (Nasdaq: ARRY), a Boulder-based biopharmaceutical company, has secured $20 million in financing from Silicon Valley Bank, according to a filing with the U.S. Securities and Exchange Commission.

The funding, dated Dec. 22, 2016, includes a term loan of $15 million, to be used for debt repayment and for working capital. Additionally, Silicon Valley Bank — through its Broomfield loan-production office — provided a $5 million line of credit.

Some of the term loan will be used to repay Array’s outstanding loan balance to Comerica Bank. The company also has requested an issuance of $2.8 million from the line of credit to secure its obligations under its lease agreement in Boulder. Array is located at 3200 Walnut St.

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Array focuses on the discovery, development and commercialization of targeted small molecule drugs to treat patients afflicted with cancer.

 

BOULDER — Array BioPharma Inc. (Nasdaq: ARRY), a Boulder-based biopharmaceutical company, has secured $20 million in financing from Silicon Valley Bank, according to a filing with the U.S. Securities and Exchange Commission.

The funding, dated Dec. 22, 2016, includes a term loan of $15 million, to be used for debt repayment and for working capital. Additionally, Silicon Valley Bank — through its Broomfield loan-production office — provided a $5 million line of credit.

Some of the term loan will be used to repay Array’s outstanding loan balance to Comerica Bank. The company also has requested an…

Christopher Wood
Christopher Wood is editor and publisher of BizWest, a regional business journal covering Boulder, Broomfield, Larimer and Weld counties. Wood co-founded the Northern Colorado Business Report in 1995 and served as publisher of the Boulder County Business Report until the two publications were merged to form BizWest in 2014. From 1990 to 1995, Wood served as reporter and managing editor of the Denver Business Journal. He is a Marine Corps veteran and a graduate of the University of Colorado Boulder. He has won numerous awards from the Colorado Press Association, Society of Professional Journalists and the Alliance of Area Business Publishers.
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