Galena Biopharma Announces Pricing Of Registered Direct Offering

SAN RAMON, Calif., July 08, 2016 (GLOBE NEWSWIRE) -- Galena Biopharma, Inc. (NASDAQ:GALE), a biopharmaceutical company committed to the development and commercialization of targeted oncology therapeutics that address major medical needs, today 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.

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 the Company 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 will be filed with the SEC. When filed, 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, or by accessing the SEC’s website at

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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Disclosure: None.

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