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TheStreet Open House

Galena Biopharma Reports Second Quarter 2012 Financial Results

Stocks in this article: GALE

Operating loss from continuing operations for the three months ended June 30, 2012 was approximately $5.7 million compared with $2.3 million for the three months ended June 30, 2011. For the six months ended June 30, 2012, operating loss from continuing operations was $10.1 million compared with $5.5 million for the six months ended June 30, 2011. Loss from discontinued operations was $0.4 million for the three months ended June 30, 2012, as compared to $2.2 million for the three months ended June 30, 2011. Loss from discontinued operations was $1.6 million for the six months ended June 30, 2012 as compared to $4.3 million for the six months ended June 30, 2011. The period to period changes in net income, loss from continued operations and net loss from discontinued operations are primarily driven by the spin-off of our former RXi Pharmaceuticals subsidiary on April 27, 2012 and the related focus of our continuing operations on our late-stage NeuVax product candidate.

Other income for the three months ended June 30, 2012 was $5.9 million versus other income of $0.7 million for the three months ended June 30, 2011. Other expense for the six months ended June 30, 2012 was $13.2 million versus other income of $2.1 million for the six months ended June 30, 2011. The period to period changes in other income (expense) were due to non-cash charges related to changes in the fair value estimates of our warrant liabilities and contingent purchase price liability.

As of June 30, 2012, Galena had cash and cash equivalents of $19.2 million, compared with cash and cash equivalents of $11.4 million as of December 31, 2011. In connection with the RXi spin-off on April 27, 2012, approximately 67.0 million shares of RXi common stock were distributed as a dividend to the Galena shareholders, representing a net liability position of $2.2 million at historical cost. We retained a 4% interest in RXi, or approximately 32.7 million shares of RXi common stock, which is carried at historical cost, effectively zero, at June 30, 2012. The market value of the RXi shares held by Galena at June 30, 2012 was approximately $4.3 million.

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