Pharma in Focus: CLIR, CGEN, GALE

ClearSign Combustion Corporation (NASDAQ:CLIR) said it agreed to sell $6.5 million of its common stock to certain institutional investors at $8.00 each, a 9% discount to Thursday’s closing price.

The company will sell 812,500 shares and will use the net proceeds for research and development, protection of intellectual property, business development and marketing, and for working capital.

The company designs technology to improve the efficiency of combustion systems.

The shares were unchanged pre-bell after closing at $8.77 on Thursday.

Compugen (NASDAQ:CGEN) fell over 21% in recent pre-market trade as it priced a 6-million-share offer at $10.50 per share, a sharp discount to yesterday’s $14.20 closing price.

The drug discovery company focused on therapeutic proteins and monoclonal antibodies said gross proceeds are expected to be $63 million. Underwriters have a 30-day option to buy an additional 900,000 shares.

Shares of Galena Biopharma (NASDAQ:GALE) climbed Friday, after the biotechnology company said it received a notice of acceptance from the Australian Patent Office for a patent covering the use of its NeuVax vaccine candidate for inducing protective or therapeutic immunity to breast-cancer recurrence in patients with certain gene expressions.

The patent provides NeuVax the exclusivity for this indication until 2028, not including any patent term extensions, Galena said.

NeuVax is currently in two clinical breast-cancer trials, including a Phase 3 trial and a Phase 2b trial. A Phase 2 gastric cancer trial is also expected to initiate this year.

Companies: Galena Biopharma Price: 4.21 Price Change: +0.36 Percent Change: +9.4