Galena (GALE) Prices 8.5M Offering at $1.50/Share

Galena Biopharma (Nasdaq: GALE) has priced an underwritten public offering of 8,500,000 shares of its common stock at a public offering price of $1.50 per share.

The company has also granted to the underwriters a 30-day option to purchase up to an additional 1,275,000 shares to cover overallotments in connection with the offering. After the underwriting discount and estimated offering expenses payable by the company, the company expects to receive net proceeds of approximately $11,600,000, assuming no exercise of the overallotment option. The offering is expected to close on April 11, 2012, subject to customary closing conditions. Roth Capital Partners, LLC is acting as the sole book-running manager for the offering. Cantor Fitzgerald & Co. and Rodman & Renshaw, LLC are acting as co-managers.

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