FDA to re­view Galera’s drug for ra­dio­ther­a­py com­pli­ca­tion, biotech im­me­di­ate­ly seeks $30M

The FDA will de­cide on Galera Ther­a­peu­tics’ drug for a ra­dio­ther­a­py com­pli­ca­tion by Aug. 9, the biotech said Wednes­day morn­ing, but cash is run­ning low.

With­in an hour of the an­nounce­ment, Galera said it ex­pect­ed to raise $30 mil­lion via a di­rect of­fer­ing of com­mon stock and war­rants by Fri­day. In­vestors ap­peared to re­act cool­ly to the news, send­ing shares $GRTX down about 13% short­ly af­ter the open­ing bell.

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