BOULDER, Colo.—In a May 5 story about Array BioPharma, The Associated Press reported erroneously that part of the company's new funding agreement is contingent on certain milestones being achieved. There are no contingencies in the financing.
A correct version follows.
BOULDER, Colo. (AP) - Array BioPharma Inc. said late Monday it has received $80 million in funding from health care investment fund Deerfield Management to advance the biotech company's drug candidates.
Array has six candidates in clinical development for treatment of inflammatory diseases and cancer.
Deerfield's $80 million commitment is in the form of an six-year, interest-bearing loan that provides for draws of $40 million each in June and December 2008. The outstanding principal and interest, which accrues at the rate of 6.5 percent per year, is due April 2014.
Deerfield also received warrants to purchase 6 million shares of Array common stock at $7.54 per share.
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