Colorado biotech plans $200 million stock offering

DENVER BUSINESS JOURNAL - A Boulder biotech said it's commenced an underwritten public offering of about $200 million of its stock.

Array BioPharma Inc. said it's begun an offering of $175 million of shares of its common stock, and it's giving underwriters the option to buy up to an additional $26 million in shares.

"We intend to use the net proceeds from this offering to fund our research and development efforts, including clinical trials for our proprietary candidates, build and scale commercial capability, and for general corporate purposes, including general working capital purposes," the company said in a filing with the Securities and Exchange Commission.

In early Thursday trading, shares in Array (Nasdaq: ARRY) were falling, down more than 6 percent, dropping 68 cents to $9.85.

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