Galena Biopharma Announces Closing of Public Offering of Common Stock and Warrants

PORTLAND, Ore., March 18, 2015 (Globe Newswire)

Galena Biopharma, Inc. (GALE), a biopharmaceutical company developing and commercializing innovative, targeted oncology therapeutics that address major medical needs across the full spectrum of cancer care, today announced the closing of its previously announced underwritten public offering of 24,358,974 shares of common stock, and warrants to purchase an aggregate of 12,179,487 shares of common stock at an exercise price of $2.08 per share.

The underwriters also exercised their over-allotment option to purchase warrants to purchase an aggregate of 1,826,923 shares of common stock. 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 net proceeds to Galena are expected to be approximately $35.4 million, assuming no exercise of the warrants and after deducting underwriting discounts and commissions and estimated offering expenses payable by Galena.

Raymond James & Associates, Inc. acted as the sole book-running manager for the offering. Roth Capital Partners acted as lead manager, and Maxim Group LLC, Noble Life Science Partners, and MLV & Co. LLC acted as co-managers.

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