Galena Closes Public Offering Of 17.5 Mln. Common Shares - Quick Facts

(RTTNews) - Galena Biopharma Inc. (GALE) Wednesday announced the closing of its underwritten public offering of 17.5 million shares of common stock, and warrants to purchase an aggregate of 6.125 million shares of common stock at an exercise price of $2.50 per share.

The underwriters also exercised their over-allotment option to purchase warrants of an aggregate of 918,750 shares of common stock. The shares of common stock and the warrants will be issued separately and will be separately transferable immediately upon issuance.

The net proceeds to Galena are expected to be about $32.6 million, assuming no exercise of the warrants and after deducting underwriting discounts and other expenses.

Galena intends to use the net proceeds of the offering for the commercialization of its first commercial product, Abstral(R) (fentanyl) Sublingual Tablets, and its ongoing Phase 3 NeuVax(TM) (nelipepimut-S) PRESENT (Prevention of Recurrence in Early-Stage, Node-Positive Breast Cancer with Low to Intermediate HER2 Expression with NeuVax Treatment) clinical trial, other clinical trials of its product candidates, and general corporate purposes.