Array BioPharma, Inc. (NASDAQ:ARRY) Closes Underwritten Public Offering

Array BioPharma, Inc. (NASDAQ:ARRY) has recently confirmed the closing of the underwritten public offering of 21.16 million common shares at $6.25 each.

Underwritten Public Offering

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The underwritten public offering includes 2.76 million common shares issued upon the underwriters’ full exercise of the option to purchase additional common shares.

The company expects to generate $132.25 million in gross proceeds from the underwritten public offering.

For the underwritten public offering, Cowen & Co. and JP Morgan Securities, LLC, LLC have served as the joint book-running managers; Stifel Financial Corp (NYSE:SF) and Wells Fargo Securities, LLC have served as lead managers; and SunTrust Robinson Humphrey, Inc. has served as co-manager.

Preliminary Phase 3 COLUMBUS Clinical Trial Results

Last week, Array BioPharma, together with Laboratoires Pierre Fabre, has revealed data from Part 1 of the Phase 3 Combined LGX818 Used with MEK162 in BRAF Mutant Unresectable Skin Cancer (COLUMBUS) clinical trial evaluating BRAF inhibitor LGX818 (encorafenib) and MEK inhibitor MEK162 (binimetinib) for the treatment of patients with BRAF-mutant advanced, unresectable or metastatic melanoma.

Accordingly, the primary endpoint of the clinical trial has been met. The progression free survival (PFS) using LGX818 and MEK162 significantly improved compared to using BRAF inhibitor vemurafenib alone. This indicates the establishment of the efficacy profile of the combination. Its tolerability profile has also been given emphasis in the company’s announcement.

Given these positive preliminary data, Ron Squarer, Array BioPharma CEO, is hopeful about getting a commercial approval for the therapy from global regulators. These results will be submitted to regulators as Array BioPharma seeks to send in its applications for approval.

“The preliminary results from Part 1 of COLUMBUS suggest that the combination of encorafenib plus binimetinib represents a potentially unique therapy for the BRAF-mutant melanoma population,” reiterated Keith Flaherty, M.D., Harvard Medical School Professor of Medicine and Massachusetts General Hospital Director of TermeerCenter for Targeted Therapy.

Results from Part 2 of the Phase 3 COLUMBUS clinical trial are expected to arrive mid-2017. These will also be included in the company’s submissions of supporting data to global regulators.

Array BioPharma has closed Monday’s session at $6.86, up by 1.63% from $6.65.

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