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|Array BioPharma, Inc. Raises $8 Million in Second Round Financing|
|BOULDER, Colo. (Dec. 7 1999) Array BioPharma, Inc. today announced the completion of its second round of private equity financing totaling $8 million. All of the company’s investors from its initial equity financing participated in the second round. Array BioPharma’s investors include several nationally known venture capital funds, including local investor Boulder Ventures Ltd., Frazier & Company, ARCH Venture Partners, Falcon Technology Partners, Advent International and Mitsui & Co. (U.S.A.), Inc. |
“We have been very impressed with Array’s growth in its first year of business,” said Alan Frazier of Frazier & Company. “We have confidence in the ability of the company’s management team to continue to build on their success. Array has demonstrated the validity of its business model through a number of collaborations with major pharmaceutical and biotechnology companies. The company’s ability to deliver high-quality chemistry to pharmaceutical and biotechnology companies uniquely positions it to meet the growing demand for outsourcing within these industries.”
“We are delighted that all of our investors participated in our second round of financing,” said Robert Conway, Array’s chief executive officer. “Our efforts to promote our proprietary business model have been well received. In order for us to continue our substantial growth, we will need to hire additional top-quality chemists and equipment to support them. This funding will allow us to expand our market share and improve internal efficiency without compromising our ability to provide the highest-quality chemistry in the industry.” Array is a privately held discovery research organization (DRO™) providing research services in all aspects of chemistry, high-throughput screening, structural biology and information management. Array complements the experience of its researchers with proprietary drug discovery tools, including unique sets of building blocks called Monomer Arrays for automated lead explosion, pharmacophore-biased small molecule libraries, high-speed synthesis automation, X-ray crystallography and qualifying human drug metabolism assays. For additional information, visit the company’s web site at www.arraybiopharma.com.