GALE hit on 15.2M units
10:12a ET December 18, 2012 (Dow Jones)
Galena Biopharma Unveils Details of Offer of 15.2 Million Units; Shares Down
By Tess Stynes
Galena Biopharma Inc. (GALE) said its sale of 15.2 million units is expected to raise gross proceeds of about $24.3 million to use for trials of its cancer drug candidates.
Shares were down 18% at $1.52 in recent trading.
The company said the units--which consist of one share of common stock and a warrant--priced at $1.60 apiece. The warrants entitle holders to purchase half a share at an exercise price of $1.90 a share.
The pharmaceutical company intends to use proceeds for clinical trials of its breast-cancer treatment NeuVax and a trial of its Folate Binding Protein-E39, a vaccine that aims to prevent the recurrence of ovarian, endometrial and breast cancers.
As of Nov. 7, the company had about 67.6 million shares outstanding.
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