Galena Biopharma Announces Pricing of Registered Direct Offering
July 08 2016 - 7:05AM
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 that it has entered into securities purchase agreements
with certain institutional investors providing for the issuance of
28,000,000 shares of common stock at a purchase price per share of
$0.45 in a registered direct offering, and warrants to purchase up
to 14,000,000 shares of common stock with an exercise price of
$0.65 per share in a concurrent private placement, resulting in
gross proceeds to the Company of $12,600,000. The warrants are
initially exercisable six months and one day following issuance and
have a term of five years from the date of issuance. The closing of
the sale of securities is expected to take place on or about July
13, 2016, subject to certain customary closing conditions.
The Company intends to use the net proceeds from this offering
to fund its clinical trials of its product candidates, to augment
its working capital, and for general corporate purposes.
Raymond James & Associates, Inc. acted as the exclusive
placement agent for the offering.
The sale of shares of common stock described above 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
prospectus supplement related to the offering will be filed with
the SEC. When filed, electronic copies of the 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 of the 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, 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 with NeuVax™ (nelipepimut-S) and
GALE-301/GALE-302, and one hematology program, GALE-401. 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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