TroyGould represents Galena in stock purchase agreement

TroyGould PC represented Portland, Ore.-based Galena Biopharma, Inc. in connection with its recent $55 million purchase agreement with Chicago-based Lincoln Park Capital Fund LLC .

Lincoln initially purchased $5 million of Galena common stock at $2 per share, and Galena may direct Lincoln to purchase up to $50 million worth of common stock over the 36-month term of the purchase agreement.

TroyGould’s Corporate Department Chairman Dale Short handled the transaction with assistance from Darren Freedman.

Galena plans to use the proceeds from sales under the purchase agreement for its commercial and product development activities.