Current Report Filing (8-k)
August 12 2016 - 4:09PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13
OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): August 8, 2016
GALENA BIOPHARMA, INC.
(Exact name of
registrant as specified in its charter)
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Delaware
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001-33958
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20-8099512
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(State or other jurisdiction of
incorporation or organization)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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2000 Crow Canyon Place, Suite 380,
San Ramon, CA 94583
(Address of Principal
Executive Offices) (Zip Code)
Registrants telephone number, including area code: (855) 855-4253
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 1.01
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ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
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On August 8, 2016, Galena
Biopharma, Inc. (the Company) amended (Amendment) the November 2014 Purchase Agreement with Lincoln Park Capital, LLC to increase the number of shares of our common stock that we can direct LPC to purchase from time to time,
at its sole discretion and subject to certain conditions from 400,000 to 500,000 shares, which number of shares may increase up to 750,000 provided that the closing stock price of our common stock is not below $0.40 on the purchase date, and further
may be increased to up to 1,000,000 shares, provided that the closing stock price of our common stock is not below $0.75 on the purchase date; provided, however, that the LPCs committed obligation under any single regular purchase shall not
exceed $2,000,000. In addition, we have removed the floor price at which the purchase price of shares of our common stock may be sold to LPC on any given day. The Company continues to control the timing and amount of any sales of our
common stock to LPC. In addition, the Company may direct LPC to purchase additional amounts as accelerated purchases if on the date of a regular purchase the closing sale price of the Common Stock is not below $0.50 on the purchase date. Last, LPC
will not purchase an aggregate number of shares that would result in the beneficial ownership by LPC and its affiliates of more than 4.99% of the then issued and outstanding shares of our common stock. All other terms of the purchase agreement
remain the same.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by
reference to the Amendment, which the Company intends to file as an exhibit to its Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2016, and the November 2014 Purchase Agreement, which was filed as an exhibit to
the current report on Form 8-K dated November 20, 2014.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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GALENA BIOPHARMA, INC.
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Date: August 12, 2016
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By:
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/s/ Mark W. Schwartz
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Mark W. Schwartz, Ph.D.
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President and Chief Executive Officer
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