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Galena Biopharma, Inc. Message Board

  • forestmump Mar 15, 2010 11:55 AM Flag


    Legend Securities also working w/ Cytrx ( cytr ):

    "On January 29, 2009, we entered into an Investment Banking Agreement with Legend Securities, Inc. or Legend, pursuant to which Legend
    agreed to provide business advisory services to us for a period of up to six months in exchange for (i) a monthly advisory fee equal to $19,000
    per month, and (ii) the issuance by us of a warrant to purchase 142,500 shares of our common stock at an exercise price per share equal to the
    average closing bid price of our common stock for the ten trading days ending three days prior to January 29, 2009, or $4.273 per share. The
    Warrant vested as to 71,250 shares upon issuance, and then will vest at a rate of 23,750 shares per month starting on the 90 day anniversary of
    issuance and is exercisable for a period of five years. We also agreed to give Legend unlimited “piggy back” registration rights with respect to
    the shares of our common stock underlying the Warrant in any registration statement we file in connection with an underwritten offering of our
    common stock."

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