Array Biopharma closed a term loan for $15 million and a revolving line of credit for up to $5 million with Silicon Valley Bank.

According to a related 8-K filing, Array may request advances under the revolving line of credit which may be repaid and reborrowed, or utilize the line of credit for the issuance of letters of credit, foreign exchange contracts or other cash management services.

Array intends to utilize a portion of the proceeds from the term loan to repay in full its outstanding obligations to Comerica Bank under the loan and security agreement dated June 28, 2005.