Galena Biopharma Announces Closing of Over-Allotment Option, Increasing Total Gross Proceeds to $43.7 Million
April 10 2015 - 11:15AM
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 closing of the
exercise of the underwriters' option to purchase an additional
3,653,846 shares of common stock of Galena at a price of $1.457 per
share as part of the firm commitment underwritten offering that
closed initially on March 18, 2015.
The additional net proceeds to Galena from the exercise of the
option with respect to the shares are approximately $5.4 million,
bringing the total net proceeds to Galena from the offering to
approximately $40.8 million, after deducting underwriting discounts
and commissions and estimated offering expenses payable by
Galena.
Raymond James & Associates, Inc. acted as the sole
book-running manager for the offering. Roth Capital Partners acted
as lead manager, and Maxim Group LLC, Noble Life Science Partners,
and MLV & Co. LLC acted as co-managers.
Galena intends to use the net proceeds from the 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 were issued 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 prospectus supplement and accompanying
prospectus related to the offering was filed with the SEC on March
13, 2015. Electronic copies of the prospectus supplement and
accompanying prospectus 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.
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 intended use of the net
proceeds from the offering and statements about the progress of the
commercialization of Abstral® and Zuplenz® and development of the
company's product candidates. 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 and NeuVax are trademarks 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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