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…
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