Array BioPharma Inc. priced a public offering of 3 million shares of common stock at $10 per share, raising $30 million for the drug discovery company.

Array said in its prospectus the money is slated for working capital and general corporate purposes, including the funding of continued internal development of new research tools, technologies and system infrastructure. Array said it intends to use the funds for increasing its staff and for acquisitions or joint ventures.

Array, of Boulder, Colo., said last month that it would register up to 4.2 million shares with the SEC for a public offering.

“Due to market conditions, we decided to reduce that to 3 million shares,” said Tricia Haugeto, manager of corporate communications for Array.

Array BioPharma’s stock (NASDAQ:ARRY) increased 34 cents Wednesday to close at $10.64. Array had about 23.6 million shares outstanding as of Jan. 15, according to its Jan. 23 prospectus. As of Dec. 31, Array had $36.8 million in cash and marketable securities.

Array BioPharma’s Array Discovery Platform has three components: structural biology, high-throughput screening and predictive informatics.

According to its prospectus, Array has “success-based collaborating agreements” with Amgen Inc., of Thousand Oaks, Calif.; ICOS Corp., of Bothell, Wash.; Takeda Chemical Industries Ltd., of Japan; Trimeris Inc., of Durham, N.C.; and Vertex Pharmaceuticals Inc., of Cambridge, Mass. Haugeto said these are the company’s “top revenue-generation collaborations.”

The prospectus also notes that the deal with ICOS Array’s first drug agreement resulted in a clinical candidate, called IC 485, beginning Phase I trials in November. Array received an undisclosed milestone payment for reaching the clinic with that product. The collaboration is aimed at discovering and developing small-molecule drugs directed at disease targets containing the I-domain allosteric site structural motif.

In August, Array and Trimeris signed an agreement to discover small-molecule fusion inhibitors of HIV and respiratory synctial virus. Trimeris is screening a library of small-molecule compounds provided by Array against HIV and RSV fusion protein targets.

Array also has agreements with Eli Lilly and Co., of Indianapolis; Merck & Co. Inc., of Whitehouse Station, N.J.; and Pfizer Inc., of New York.

The offering is being made through an underwriting group managed by Lehman Brothers Inc., of New York, and co-managed by UBS Warburg LLC, of New York; Legg Mason Wood Walker Inc., of Baltimore; and Thomas Weisel Partners LLC, of New York. The underwriters have an option to purchase up to 450,000 additional shares from Array to cover overallotments.