Galena, ImmunoCellular Caught Up In US SEC Clampdown On Fraudulent Stock Promotions
Four biopharma firms allegedly paid writers to post positive articles about their stocks that were merely "paid advertisements"; in settlement, former CEOs of Galena and ImmunoCellular barred from being officer or director for five years and ordered to pay $1.3m and $2.9m, respectively.
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Kala follows July's first biopharma IPO from Ionis spinout Akcea into the stock market. Amicus, Arena and othera go high with major offerings, while Inovio and Regulus go low. Also, Galena, Neothetics provide updates on their hunts for "strategic alternatives."
Pivotal and Biomatics launch new VC funds totaling $300m and $200m, respectively; Spero raises a $51.7m Series C round; BeyondSpring is March's only US IPO, so far; Aurinia and TG Therapeutics capitalize on positive data with secondary offerings; and Galena hires a "strategic review" advisor.
Shares of Galena Biopharma went into a tailspin on 18 March, plunging 21% after the company revealed the Securities and Exchange Commission (SEC) had opened an investigation into the firm and an outside investor relations company the biotech retained last year.