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Array BioPharma Announces Closing of Public Offering of Common Stock and Exercise of Overallotment Option

BOULDER, Colo.--(BUSINESS WIRE)--Feb. 14, 2012-- Array BioPharma Inc. (NASDAQ: ARRY) today announced the closing of its previously announced underwritten public offering of 23,000,000 shares of its common stock at a public offering price of $2.60 per share, which includes the exercise in full by the underwriters of the over-allotment option to purchase 3,000,000 shares of common stock. Array received net proceeds from the sale of the shares, after underwriting discounts and commissions and estimated offering expenses, of approximately $56.1 million. Array intends to use the net proceeds from this offering to fund research and development efforts, including clinical trials for Array’s proprietary candidates, and for general corporate purposes.

Jefferies & Company, Inc. and Leerink Swann LLC acted as joint book-running managers for the offering. Stifel Nicolaus Weisel acted as co-manager for the offering. Copies of the final prospectus supplement and accompanying prospectus may be obtained from Jefferies & Company, Inc., Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 12th Floor, New York, New York 10022, or by calling (877) 547-6340, and Leerink Swann LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, Massachusetts 02110, or by calling (800) 808-7525.

The shares were sold pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, these shares of common stock, nor will there be any sale of these shares in any state or other jurisdiction in which such offer, solicitation or sale is not permitted.

About Array BioPharma

Array BioPharma Inc. is a biopharmaceutical company focused on the discovery, development and commercialization of targeted small-molecule drugs to treat patients afflicted with cancer and inflammatory diseases. Array has four core proprietary clinical programs: ARRY-614 for myelodysplastic syndromes, ARRY-520 for multiple myeloma, ARRY-797 for pain and ARRY-502 for asthma. In addition, Array has 10 partner-funded clinical programs including two MEK inhibitors in Phase 2: selumetinib with AstraZeneca and MEK162 with Novartis.

Forward-Looking Statements

This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements concerning the expected use of proceeds from the offering. These statements involve significant risks and uncertainties. Because these statements reflect our current expectations concerning future events, our actual events could differ materially from those anticipated in these forward-looking statements as a result of many factors. Additional information concerning these and other factors that may cause actual events to differ materially from those anticipated in the forward-looking statements is contained in the “Risk Factors” section of Array’s most recent Annual Report on Form 10-K, in our other periodic reports and filings with the Securities and Exchange Commission and in the prospectus supplement related to the offering. We caution investors not to place undue reliance on the forward-looking statements contained in this press release. All forward-looking statements are based on information currently available to Array on the date hereof, and we undertake no obligation to revise or update these forward-looking statements to reflect events or circumstances after the date of this press release, except as required by law.

Source: Array BioPharma Inc.

Array BioPharma Inc.
Tricia Haugeto, 303-386-1193
thaugeto@arraybiopharma.com