Galena Biopharma Announces Reverse Stock Split
October 31 2016 - 4:30PM
1-for-20 Reverse Stock Split Effective
November 11, 2016 for Trading November 14, 2016
Galena Biopharma, Inc. (NASDAQ:GALE), a biopharmaceutical company
committed to the development and commercialization of hematology
and oncology therapeutics that address unmet medical needs, today
announced that on October 26, 2016, the Board of Directors approved
a reverse stock split of its shares of common stock at a ratio of
1-for-20. The reverse stock split was authorized by the
Company’s stockholders at the Special Meeting of Stockholders held
on October 21, 2016.
The reverse stock split will become effective on
November 11, 2016 and the Company’s common stock will commence
trading on a split-adjusted basis when the market opens on Monday,
November 14, 2016. The Company's common stock will continue
to trade on the NASDAQ Capital Market under the symbol "GALE" but
will trade under the new CUSIP number 363256504.
Mark W. Schwartz, Ph.D., President and Chief
Executive Officer, stated, “Effecting the reverse stock split will
allow us to maintain compliance with the NASDAQ Capital Market
minimum bid price requirement, which we believe is in the Company’s
best interests and the best interests of our stockholders. We
are confident in the value of our current pipeline led by GALE-401,
which is expected to initiate a pivotal, Phase 3 trial next year,
and in our cancer immunotherapy assets currently in multiple
clinical trials. We believe that this technical change to our
capital structure puts us in a better position to advance our
clinical programs and grow the company into the future.”
As a result of the reverse split, every 20
pre-split shares of common stock outstanding will automatically
combine into one new share of common stock without any action on
the part of the holders. The reverse split will also apply to
common stock issuable upon the exercise of the Company's
outstanding warrants and stock options.
As a result of the reverse stock split, the
Company's issued and outstanding shares of common stock will
decrease to approximately 10,850,953 shares, post-split. No
fractional shares will be issued as a result of the reverse split.
Owners of fractional shares outstanding after the reverse stock
split will be paid cash for such fractional interests.
Additional information about the reverse stock
split can be found in the Company's definitive proxy statement
filed with the Securities and Exchange Commission on September
21, 2016, a copy of which is available at www.sec.gov and on the
Company’s website here.
About Galena Biopharma
Galena Biopharma, Inc. is a biopharmaceutical
company committed to the development and commercialization of
hematology and oncology therapeutics that address unmet medical
needs. Galena’s pipeline consists of multiple mid-to-late-stage
clinical assets led by its hematology asset, GALE-401, and novel
cancer immunotherapy programs including NeuVax™ (nelipepimut-S) and
GALE-301/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. Such statements include, but are not
limited to, statements about the progress of the development of
Galena’s product candidates, patient enrollment in our clinical
trials, as well as other statements related to the progress and
timing of our development activities, present or future licensing,
collaborative or financing arrangements, expected outcomes with
regulatory agencies, and projected market opportunities for product
candidates or that otherwise relate to future periods. These
forward-looking statements are subject to a number of risks,
uncertainties and assumptions, including those identified under
“Risk Factors” in Galena’s Annual Report on Form 10-K for the year
ended December 31, 2015 and most recent Quarterly Reports on Form
10-Q filed with the SEC. Actual results may differ materially from
those contemplated by these forward-looking statements. Galena 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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