Galena raises $24.3 million in unit follow-on

Galena Biopharma Inc. (NASDAQ:GALE) raised $24.3 million through the sale of 15.2 million units at $1.60 in follow-on underwritten by Piper Jaffray and JMP Securities. Each unit comprises a share and a five-year warrant to purchase 0.5 shares, with each whole warrant exercisable at $1.90. Galena proposed the offering late Monday, when its stock price was $1.87. On Tuesday, the company fell $0.30 (16%) to $1.57. ...