Rodman & Renshaw, LLC Acts As A Co-Manager For Galena Biopharma In Its Public Offering Of Common Stock

Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM) announced that it has acted as a Co-Manager for its client Galena Biopharma (NASDAQ: GALE), a biotechnology company focused on developing innovative, targeted oncology treatments addressing major unmet medical needs to advance cancer care, in its underwritten public offering of 8,500,000 shares of its common stock at a public offering price of $1.50 per share. The company has also granted to the underwriters a 30-day option to purchase up to an additional 1,275,000 shares to cover overallotments in connection with the offering. After the underwriting discount and estimated offering expenses payable by the company, the company expects to receive net proceeds of approximately $11,600,000, assuming no exercise of the overallotment option. The offering is expected to close on April 11, 2012, subject to customary closing conditions. Roth Capital Partners, LLC is acting as the sole book-running manager for the offering. Cantor Fitzgerald & Co. and Rodman & Renshaw, LLC are acting as co-managers.

The company intends to use the net proceeds of the offering for working capital and other general corporate purposes, including the Phase 3 NeuVax™ (E75) PRESENT (Prevention of Recurrence in Early-Stage, Node-Positive Breast Cancer with Low to Intermediate HER2 Expression with NeuVax Treatment) clinical trial, Phase 1/2 clinical trials of Folate Binding Protein-E39 (FBP) and a planned Phase 2 trial of NeuVax in combination with Herceptin® (trastuzumab; Genentech/Roche). The shares described above are being offered by the company pursuant to a shelf registration statement on Form S-3, including a base prospectus, previously filed and declared effective by the Securities and Exchange Commission (SEC. A prospectus supplement related to the offering will be filed with the SEC and will be available on the SEC's website at http://www.sec.gov. Electronic copies of the preliminary prospectus supplement and the base prospectus relating to the offering may be obtained from Roth Capital Partners, LLC, 888 San Clemente, Newport Beach, CA 92660, [phone] or email: [e-mail] or by accessing the SEC's website, www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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