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Galena Biopharma to offer stock in public sale

NEW YORK (AP) -- Shares of Galena Biopharma Inc. slipped in extended trading Monday after the biopharmaceutical company announced plans for an offering of stock and warrants.

Specifics on the size and terms of the offering have not yet been determined. The offering will be managed by Piper Jaffray & Co.

Galena, based in Lake Oswego, Ore., said it plans to use proceeds for general corporate purposes including clinical testing. The company's most advanced product is Neuvax, which is in late-stage testing as a breast cancer treatment.

Shares of the company closed unchanged at $1.87, then slid 27 cents, or 14 percent, to $1.60 in aftermarket trading. Over the past year, shares have traded between 30 cents and $2.91.