Array raises $70.9 million in stock sale

BOULDER – Cancer-drug research company Array BioPharma Inc. raised $70.9 million from a stock sale to fund research and development, the company said.

Boulder-based Array (Nasdaq: ARRY) said in early November it planned to raise $65.7 million in the offering. The company said this week that it would sell an additional 2.7 million shares in an over-allotment option related to the November sale. The stock sale announced in early November was for 18 million shares sold at $3.65 per share, according to U.S. Securities and Exchange Commission documents.

Array’s stock price was $3.64 per share in early afternoon trading on Friday, Dec. 7, up 2 cents from the Thursday, Dec. 6, closing price of $3.62. Array’s stock has traded in a range between $1.96 and $6.17 in the last year.

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Five drugs in the research phase at Array have the potential to be in Phase 3, or final, clinical trials by the end of 2013, Array said in a press statement related to the over-allotment stock sale. Two of those drugs are being developed by the company, and three are being developed in partnership with other pharmaceutical companies.

Successful Phase 3 trials are seen as the final step toward receiving approval from the U.S. Food and Drug Administration to sell drugs. FDA approval for biopharmaceutical drugs can take 10 years or more, according to industry experts.

Array has research partnerships with AstraZeneca plc (NYSE: AZN) based in London; Novartis International AG (NYSE: NVS) based in Basel, Switzerland; and InterMune Inc. (Nasdaq: ITMN)/Roche USA. InterMune is based in Brisbane, California. The company also has a partnership with Genentech Inc. in Vacaville, California, a wholly owned subsidiary of Roche USA.