Date: 2016-07-13
Type of information: Private placement
Company: Galena Biopharma (USA - OR)
Investors:
Amount: $11.7 million
Funding type: private placement
Planned used: Galena Biopharma 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.
Others: * On July 13, 2016, Galena Biopharma 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. 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). * On July 8, 2016, Galena Biopharma announced that it has entered into securities purchase agreements with certain institutional investors providing for the issuance 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, resulting in gross proceeds to the Company of $12,600,000 . 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 closing of the sale of securities is expected to take place on or about July 13, 2016 , subject to certain customary closing conditions.
Therapeutic area: Cancer - Oncology
