FDA to review Array BioPharma new drug applications, company proposes public stock offering

BOULDER — Just a day after Array BioPharma (Nasdaq: ARRY) stocks were buoyed by positive results from its clinical trials, the U.S. Food and Drug Administration accepted for review its new drug applications.

The applications are for the combined use of the drugs binimetinib and encorafenib to treat patients with metastatic melanoma. The target action date is set for June 30, 2018, for both applications.

Array filed its submissions in June 2017 based on findings in clinical trials.

“We look forward to working with the FDA and EMA as they review our New Drug Applications for binimetinib and encorafenib,” said Ron Squarer, CEO, in a prepared statement.

Soon after, the company announced a public offering of $175 million of shares of its common stock. There is also a 30-day option for underwriters to purchase nearly $26.3 million of shares of common stock available in the public offering.

Array’s stock price at time of publication was $10.53 per share, up about 6 percent once markets closed.


 

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