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Galena Biopharma  (GALE) Announces Closing of Over-Allotment Option, Increasing Total Gross Proceeds to $40 Million



9/24/2013 9:21:37 AM

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PORTLAND, Ore., Sept. 23, 2013 (GLOBE NEWSWIRE) -- Galena Biopharma, Inc. (Nasdaq:GALE), a biopharmaceutical company developing and commercializing innovative, targeted oncology treatments that address major unmet medical needs to advance cancer care, today announced the closing of the exercise in full of the underwriters' option to purchase an additional 2,625,000 shares of common stock of Galena. As previously announced, as part of the firm commitment underwritten offering that was closed on September 18, 2013, Galena granted the underwriters a 30-day option to purchase up to 2,625,000 shares of common stock and/or warrants to purchase up to 918,750 shares of common stock. The underwriters have exercised their over-allotment option in full to include the purchase of additional shares in addition to the previously announced exercise of the warrants over-allotment option. The additional gross proceeds to Galena as a result of the exercise of the option with respect to the shares are approximately $5.2 million.

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