Galena Biopharma Announces Pricing of Public Offering of Common Stock and Warrants
March 13 2015 - 09:22AM
Galena Biopharma, Inc. (Nasdaq:GALE), a biopharmaceutical company
developing and commercializing innovative, targeted oncology
therapeutics that address major medical needs across the full
spectrum of cancer care, today announced the pricing of an
underwritten public offering of 24,358,974 units at a public
offering price of $1.56 per unit, for total gross proceeds of $38.0
million. Each unit consists of one share of common stock and a
warrant to purchase 0.5 of a share of common stock at an exercise
price of $2.08 per share. The warrants are immediately exercisable
and expire on the fifth anniversary of the date of issuance. The
shares of common stock and warrants are immediately separable and
will be issued separately.
The offering is expected to close on March 18, 2015, subject to
customary closing conditions. Galena has granted the underwriters a
30-day option to purchase up to an additional 3,653,846 shares of
common stock and/or additional warrants to purchase up to 1,826,923
shares of common stock to cover over-allotments, if any.
Raymond James & Associates, Inc. is acting as the sole
book-running manager for the offering. Roth Capital Partners is
acting as lead manager, and Maxim Group LLC, MLV & Co. LLC, and
Noble Life Science Partners are acting as co-managers.
The company intends to use the net proceeds from this offering
to fund its operations, including the ongoing commercialization of
Abstral® (fentanyl) Sublingual Tablets and Zuplenz® (ondansetron)
Oral Soluble Film, its ongoing Phase 3 PRESENT study and other
clinical trials of its product candidates, and for other working
capital and general corporate purposes.
The securities described above are being offered by the company
pursuant to a shelf registration statement on Form S-3 previously
filed with and declared effective by the Securities and Exchange
Commission (SEC). A preliminary prospectus supplement related
to the offering has been filed with the SEC. A final
prospectus supplement related to the offering will be filed with
the SEC and will be available on the SEC's website located at
www.sec.gov. Electronic copies of the preliminary prospectus
supplement may be obtained from Raymond James, Attention: Equity
Syndicate, 880 Carillon Parkway, St. Petersburg, Florida, or by
telephone at (800) 248-8863, or e-mail at
prospectus@raymondjames.com, or by accessing the SEC's website at
www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities described herein,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Galena Biopharma
Galena Biopharma, Inc. (Nasdaq:GALE) is a biopharmaceutical
company developing and commercializing innovative, targeted
oncology therapeutics that address major medical needs across the
full spectrum of cancer care. Galena's development portfolio
ranges from mid- to late-stage clinical assets, including a robust
immunotherapy program led by NeuVax™ (nelipepimut-S) currently in
an international, Phase 3 clinical trial. The Company's
commercial drugs include Abstral® (fentanyl) Sublingual Tablets and
Zuplenz® (ondansetron) Oral Soluble Film. Collectively, Galena's
clinical and commercial strategy focuses on identifying and
advancing therapeutic opportunities to improve cancer
care, from direct treatment of the disease to the reduction of
its debilitating side-effects. For more information, visit
www.galenabiopharma.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements regarding the proposed public offering
and the intended use of proceeds from the offering. The
offering is subject to market and other customary closing
conditions, and there can be no assurance that the offering will be
completed on the terms described in this press release. These
forward-looking statements also are subject to risks, uncertainties
and assumptions relating to the commercialization and development
of the company's products and product candidates, including those
detailed from time to time in the company's filings with the SEC,
and represent the company's views only as of the date they are made
and should not be relied upon as representing the company's views
as of any subsequent date. The company's actual results may
differ materially from those contemplated by these forward-looking
statements. The company does not undertake to update any of
these forward-looking statements to reflect a change in its views
or events or circumstances that occur after the date of this press
release.
Abstral is a trademark of Galena Biopharma, Inc. All other
trademarks are the property of their respective owners.
CONTACT: Remy Bernarda
SVP, Investor Relations & Corporate Communications
(503) 405-8258
rbernarda@galenabiopharma.com
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