Array BioPharma Inc. said it's withdrawing its application of its treatment of a rare type of skin cancer to the U.S. Food and Drug Administration.

The Boulder biotech said it's withdrawn its new drug application (NDA) for binimetinib monotherapy for the treatment of NRAS-mutant melanoma.

"Based on feedback from the agency, Array concluded that the clinical benefit demonstrated in the ... clinical trial would not be found sufficient to support approval of the NRAS-mutant melanoma NDA," Array said in a statement.

Shares in Array (Nasdaqz: ARRY) were falling in early Monday trading, dropping more than 7 percent, falling 74 cents to $9.82.

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