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Health and Healthcare

Drug Maker Prices Secondary Offering (GALE)

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By Paul Ausick Published

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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.

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About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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