Galena Biopharma (GALE) Prices 15.2M Offering at $1.60/Unit

Galena Biopharma (Nasdaq: GALE) announced today the pricing of an underwritten public offering of 15,156,250 units at a public offering price of $1.60 per unit, or total gross proceeds of $24.25 million. Each unit consists of one share of common stock, and a warrant to purchase 0.5 share of common stock at an exercise price of $1.90 per share. The warrants are immediately exercisable and expire on the fifth anniversary of the date of issuance. The shares of common stock and warrants are immediately separable and will be issued separately. The offering is expected to close on December 21, 2012, subject to customary closing conditions.

Piper Jaffray & Co. is acting as the sole book-running manager for the offering, with JMP Securities LLC acting as a co-manager.

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