Malvern-Based Biopharma Company Expects to Close $30 Million Direct Stock Offering

By
Dr. Mel Sorensen, president and CEO of Galera Therapeutics.
Image via Galera Therapeutics.
Dr. Mel Sorensen, president and CEO of Galera Therapeutics.

Malvern-based Galera Therapeutics is expecting to raise $30 million from a direct stock offering by the end of the week, writes John George for the Philadelphia Business Journal

The biopharmaceutical company is selling 14.32 million shares of common stock and accompany warrants to purchase the same number of shares. The combined offering price is $2.095 per share and accompany warrant. The warrants have a $1.97 exercise price per share of common stock. They will expire in five years. 

Galera Therapeutics stock was at $1.65 per share in early afternoon trading Wednesday. 

The company will use the proceeds from the stock offering to advance two of its preliminary new drug candidates. It will also use a portion of the money for working capital and other general corporate purposes. 

Read more about Galera Therapeutics in the Philadelphia Business Journal

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Galera Therapeutics founder Dr. Robert Beardsley shares his company’s R&D vision and pipeline, aimed at improving treatments and outcomes for cancer patients.

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