Biotech firm Galena Biopharma Inc. (NASDAQ: GALE) this morning priced a secondary offering of 8.5 million shares at $1.50/share, a discount of nearly 20% to last night’s closing price of $1.87. The company is offering an underwriter over-allotment option of 1.275 million shares, and expects to raise net proceeds of $11.6 million, excluding the underwriter’s option.
Galena develops cancer drugs and plans to use the net proceeds from this offering for:
working capital and other general corporate purposes, including the Phase 3 NeuVax(TM) (E75) PRESENT (Prevention of Recurrence in Early-Stage, Node-Positive Breast Cancer with Low to Intermediate HER2 Expression with NeuVax Treatment) clinical trial, Phase 1/2 clinical trials of Foliate Binding Protein-E39 (FBP) and a planned Phase 2 trial of NeuVax in combination with Herceptin(R) (trastuzumab; Genentech/Roche).
Shares are down -14% at $1.61 in a 52-week range of $0.36-$3.54.
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
