Three-year deal sells stock to Lincoln Park to fund corporate purposes
By Devika Patel
Knoxville, Tenn., Nov. 20 – Galena Biopharma, Inc. arranged a $55 million share purchase agreement with Lincoln Park Capital Fund, LLC on Nov. 18, according to an 8-K and prospectus supplement filed Wednesday with the Securities and Exchange Commission.
The company will sell the common shares to Lincoln Park over three years. The pricing will be based upon market prices.
Lincoln Park will initially purchase $5 million in shares at $2.00 per share.
Proceeds will be used for commercial and product development activities, working capital and general corporate purposes.
Galena is a biotechnology company based in Lake Oswego, Ore.
| Issuer: | Galena Biopharma, Inc.
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| Issue: | Share purchase agreement
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| Amount: | $55 million
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| Tenor: | Three years
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| Warrants: | No
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| Investor: | Lincoln Park Capital Fund, LLC
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| Pricing date: | Nov. 18
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| Stock symbol: | Nasdaq: GALE
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| Stock price: | $1.81 at close Nov. 17
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| Market capitalization: | $225.91 million
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