Galena Biopharma Announces Closing of Registered Direct Offering
14 July 2016 - 6:35AM
Galena Biopharma, Inc. (NASDAQ:GALE), a biopharmaceutical company
committed to the development and commercialization of targeted
oncology therapeutics that address major unmet medical needs, today
announced the closing of its previously announced sale to certain
institutional investors 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. 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 net proceeds to Galena after deducting placement agent fees
and estimated offering expenses are expected to be approximately
$11.7 million. 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 Galena 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 was filed with the SEC on July
8, 2016. 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.
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 offering
and the intended use of proceeds from the offering. 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,
cash burn and available cash, 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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