Galena Biopharma Announces Closing of Public Offering of Common Stock and Warrants
March 18 2015 - 4:35PM
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 its
previously announced underwritten public offering of 24,358,974
shares of common stock, and warrants to purchase an aggregate of
12,179,487 shares of common stock at an exercise price of $2.08 per
share. The underwriters also exercised their over-allotment option
to purchase warrants to purchase an aggregate of 1,826,923 shares
of common stock. 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 net proceeds to Galena are expected to be approximately
$35.4 million, assuming no exercise of the warrants and 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 this 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 and are available on the SEC's website located at
www.sec.gov. 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 public offering and the
intended use of 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 is a trademark 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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