Galena Biopharma Announces Pricing of Public Offering of Common Stock and Warrants
January 07 2016 - 9:25AM
Galena Biopharma, Inc. (NASDAQ:GALE), a biopharmaceutical company
committed to the development and commercialization of targeted
oncology therapeutics that address major medical needs, today
announced the pricing of an underwritten public offering of
19,772,727 units at a public offering price of $1.10 per unit, for
total gross proceeds of $21.75 million. Each unit consists of one
share of common stock and 0.6 of a warrant to purchase a share of
common stock at an exercise price of $1.42 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 January 12, 2016, subject
to customary closing conditions. Galena has granted the
underwriters a 30-day option to purchase up to an additional
2,965,909 shares of common stock and/or additional warrants to
purchase up to 1,779,545 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,
Noble Financial Capital Markets, FBR Capital Markets & Co. and
Maxim Group LLC are acting as co-managers.
The company intends to use the net proceeds from this offering
to fund its ongoing Phase 3 PRESENT study and other clinical
trials of its product candidates, and to augment its working
capital and for general corporate purposes.
The securities are being offered by the company pursuant to a
shelf registration statement on Form S-3, as amended, 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
available on the SEC’s website at www.sec.gov. Electronic
copies of the preliminary prospectus supplement may be obtained
from Raymond James & Associates, Inc., 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 the 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, Inc.
Galena Biopharma, Inc. is a biopharmaceutical company committed
to the development and commercialization of targeted oncology
therapeutics that address major unmet medical needs. Galena’s
development portfolio is focused primarily on addressing the
rapidly growing patient populations of cancer survivors by
harnessing the power of the immune system to prevent cancer
recurrence. The company’s pipeline consists of multiple
mid-to-late-stage clinical assets, including novel cancer
immunotherapy programs led by NeuVax™ (nelipepimut-S) and GALE-301.
NeuVax is currently in a pivotal, Phase 3 clinical trial in breast
cancer with several concurrent Phase 2 trials ongoing both as a
single agent and in combination with other therapies. GALE-301 is
in a Phase 2a clinical trial in ovarian and endometrial cancers and
in a Phase 1b given sequentially with GALE-302. 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 closing of the 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 future expectations, plans and
prospects for the development and commercialization of the
company's product candidates, including patient enrollment in our
clinical trials, present or future licensing, collaborative or
financing arrangements, expected outcomes with regulatory agencies,
and projected market opportunities for 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.
NeuVax is a trademark of Galena Biopharma, Inc.
Contact:
Remy Bernarda
SVP, Investor Relations & Corporate Communications
(925) 498-7709
ir@galenabiopharma.com
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