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Array BioPharma Announces Exercise of Over-Allotment Option in Public Offering
BOULDER, Colo., Feb 27, 2002 /PRNewswire-FirstCall via COMTEX/ -- Array BioPharma Inc. (Nasdaq: ARRY) today announced that the underwriters of the Company's recent public offering exercised in full their over-allotment option on February 25, 2002, and purchased an additional 450,000 shares of Array's common stock at $10.00 per share. The over-allotment option was granted in connection with the public offering of 3 million shares of common stock priced on February 13, 2002, at $10.00 per share to the public. The offering was made through an underwriting group managed by Lehman Brothers Inc., and co-managed by UBS Warburg LLC, Legg Mason Wood Walker, Incorporated and Thomas Weisel Partners LLC. After giving effect to the sale of the over-allotment shares, Array offered and sold a total of 3,450,000 shares of its common stock in the offering, resulting in net proceeds to Array of $31.9 million.

A registration statement relating to these securities was filed with and has been declared effective by the U.S. Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the common stock of Array BioPharma, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Copies of the final prospectus relating to the offering may be obtained from Lehman Brothers Inc., Prospectus Department, c/o ADP Financial Services, Prospectus Fulfillment, 55 Mercedes Way, Edgewood, NY 11717, telephone: (631) 254-7106, fax: (631) 254-7106.

Array BioPharma is a drug discovery company inventing new small molecule drugs through the integration of chemistry, biology and informatics. Our experienced scientists use our integrated set of drug discovery technologies, which we call the Array Discovery Platform, to invent novel small molecule drugs in collaboration with leading pharmaceutical and biotechnology companies and to build our own pipeline of proprietary drug candidates. For more information on Array BioPharma, please visit our web site at .

SOURCE Array BioPharma Inc.

Tricia Haugeto of Array BioPharma Inc., +1-303-386-1193,