Company sells shares with partial warrants via bookrunner Oppenheimer
By Devika Patel
Knoxville, Tenn., Sept. 13 - Galena Biopharma, Inc. said it priced a $35 million public sale of units with a $5.25 million greenshoe. The offering was announced Thursday.
The company will sell 17.5 million units of one common share and a warrant for 0.35 shares at $2.00 per unit. Each whole warrant will be exercisable at $2.50 for five years. The strike price is a 9.65% premium to the Sept. 12 closing share price of $2.28.
Oppenheimer & Co. Inc. is the bookrunning manager.
Settlement is expected Sept. 18.
Proceeds will be used for commercialization of the company's first commercial product, Abstral Sublingual Tablets, clinical trials and general corporate purposes.
Galena is a biotechnology company based in Lake Oswego, Ore.
| Issuer: | Galena Biopharma, Inc.
|
| Issue: | Units of one common share and a warrant for 0.35 shares
|
| Amount: | $35 million
|
| Greenshoe: | $5.25 million
|
| Units: | 17.5 million
|
| Price: | $2.00
|
| Warrants: | One warrant for 0.35 shares per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.50
|
| Bookrunner: | Oppenheimer & Co. Inc.
|
| Co-managers: | JMP Securities LLC, Roth Capital Partners, Maxim Group LLC, MLV & Co. and Noble Financial Capital Markets
|
| Announcement date: | Sept. 12
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| Pricing date: | Sept. 13
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| Settlement date: | Sept. 18
|
| Stock symbol: | Nasdaq: GALE
|
| Stock price: | $2.28 at close Sept. 12
|
| Market capitalization: | $162.95 million
|
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