Array BioPharma enters equity distribution deal
Array BioPharma enters equity distribution agreement to sell up to $25 million in common stock
- On 9:45 am EDT, Friday September 18, 2009
BOULDER, Colo. (AP) -- Array BioPharma Inc. said Friday it entered into an equity distribution agreement with Piper Jaffray & Co. allowing the drug maker to sell up to $25 million in common stock.
The company said it plans to use the proceeds to make interest payments on its $120 million credit facility with Deerfield Management. Additional proceeds could go toward research and development and general corporate purposes.
Shares of Array BioPharma rose 2 cents to $2.84 in morning trading.
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