By Devika Patel
Knoxville, Tenn., May 19 - Array Biopharma Inc. settled a $40 million loan agreement with Deerfield Private Design Fund, LP and Deerfield Private Design International, LP on May 15, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The 7.5% loan may be drawn down between June 29 and Sept. 30 and is due in April 2014.
Deerfield also received warrants for 6 million common shares, which are exercisable at $3.65 until April 29, 2014.
Array is a biopharmaceutical company based in Boulder, Colo., that develops and commercializes small molecule drugs with a focus on cancer and inflammatory diseases.
| Issuer: | Array Biopharma Inc.
|
| Issue: | Loan
|
| Amount: | $40 million
|
| Maturity: | April 2014
|
| Coupon: | 7.5%
|
| Price: | Par
|
| Yield: | 7.5%
|
| Warrants: | For 6 million shares
|
| Warrant expiration: | April 29, 2014
|
| Warrant strike price: | $3.65
|
| Investor: | Deerfield Private Design Fund, LP and Deerfield Private Design International, LP
|
| Pricing date: | May 15
|
| Stock symbol: | Nasdaq: ARRY
|
| Stock price: | $3.13 at close May 15
|
| Market capitalization: | $160 million
|
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