Galena raises $35 million in follow-on

Galena Biopharma Inc. (NASDAQ:GALE) raised $35 million through the sale of 17.5 million units at $2 in a follow-on underwritten by Oppenheimer; JMP Securities; Roth Capital Partners; Maxim Group; MLV; and Noble Financial Capital Markets. Each unit comprises a share and a five-year warrant to purchase 0.35 shares, with each whole warrant exercisable at $2.50. Galena proposed the follow-on late Thursday, when its share price was $2.28.

Galena's NeuVax is in the Phase III PRESENT trial to prevent recurrence of early stage, node-positive breast cancer with low to intermediate HER2 expression. NeuVax is a vaccine comprising an immunogenic peptide derived from epidermal growth factor receptor 2 ( EGFR2; HER2; ErbB2; neu) and sargramostim. Galena also has U.S. commercialization rights from Orexo AB (SSE:ORX) to Abstral fentanyl, a sublingual mucoadhesive formulation of the mu opioid receptor agonist approved in the U.S. to treat breakthrough cancer pain. ...