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Galena Biopharma Inc Announces Closing of Over-Allotment Option, Increasing Total Gross Proceeds To $40 Million


Monday, 23 Sep 2013 03:22pm EDT 

Galena Biopharma Inc announced the closing of the exercise in full of the underwriters' option to purchase an additional 2,625,000 shares of common stock of Galena. As previously announced, as part of the firm commitment underwritten offering that was closed on September 18, 2013, Galena granted the underwriters a 30-day option to purchase up to 2,625,000 shares of common stock and/or warrants to purchase up to 918,750 shares of common stock. The additional gross proceeds to Galena as a result of the exercise of the option with respect to the shares are approximately $5.2 million. The net proceeds to Galena from the offering, including from the exercise in full of the over-allotment options, are expected to be approximately $37.6 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by Galena. Oppenheimer & Co. Inc. acted as the sole book-running manager for the offering. JMP Securities LLC, Roth Capital Partners, Maxim Group LLC, MLV & Co., and Noble Financial Capital Markets acted as co-managers. Galena intends to use the net proceeds of the offering for the commercialization of its first commercial product, Abstral Sublingual Tablets, and its ongoing Phase 3 NeuVax PRESENT clinical trial, other clinical trials of its product candidates, and general corporate purposes. 

Company Quote

1.38
-0.03 -2.13%
4:00pm EDT