Galena Biopharma, a biopharmaceutical company developing and commercializing targeted oncology treatments to advance cancer care, has closed the exercise of the previously announced underwriters’ option to purchase an additional 2,625,000 shares of the company’s common stock.
As part of the firm commitment underwritten offering that was closed 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 underwriters have exercised their over-allotment option in full, contributing additional gross proceeds to Galena of approximately $5.2 million. The net proceeds to Galena, including from the exercise in full of the over-allotment options, are expected to be approximately $37.6 million.
Galena said it intends to use the net proceeds of the offering to commercialize its first commercial product, Abstral® (fentanyl) Sublingual Tablets, and its ongoing phase 3 NeuVax™ (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 for general corporate purposes.
For more information, visit www.galenabiopharma.com
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