Array BioPharma lands $80M investment

Array BioPharma Inc. said Monday the $80 million received from a large shareholder will help the company move six drug programs through clinical proof-of-concept studies.

The Boulder company (NASDAQ: ARRY) said the funding commitment is from Deerfield Management, a healthcare investment company that already has a stake in Array.

The funding commitment is a six-year, interst-bearing loan that provides for two draws by Array of $40 million each in June and December.

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Array said Deerfield received warrants, with a six-year term, to buy 6 million shares of stock at $7.54 a share.

Array on Monday also reported a net loss of $63.9 million for the nine-month period ended March 30, compared to a net loss of $38.2 million a year earlier. Revenue dipped to $22.7 million from $29 million during the same period.