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Galena Biopharma Reports Second Quarter 2012 Financial Results

Ovarian cancer occurs in over 22,000 patients per year in the U.S. and is the most lethal gynecologic cancer. Although the incidence of ovarian cancer is only approximately 20% of that of breast cancer, the number of patients that die from ovarian cancer is nearly 50% greater than the percentage of breast cancer patients who die from this disease. Endometrial cancer is the most common gynecologic cancer and occurs in over 46,000 women, with over 8,000 deaths in the U.S. annually. While many patients respond to initial treatment and become clinically free of disease, the majority of these patients will relapse, and, once the disease recurs, the treatment options and successes drop dramatically.

About Galena Biopharma

Galena Biopharma, Inc. (Nasdaq:GALE) is a Portland, Oregon-based biopharmaceutical company that develops innovative, targeted oncology treatments that address major unmet medical needs to advance cancer care. For more information please visit us at www.galenabiopharma.com .

The Galena Biopharma, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=10647

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Such statements include, but are not limited to, statements about the possible benefits of the recent developments described above, as well as statements about expectations, plans and prospects for the development of Galena's product candidates.  These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those identified under "Risk Factors" in Galena's Annual Report on Form 10-K for the year ended December 31, 2011 filed with the SEC.  Actual results may differ materially from those contemplated by these forward-looking statements. Galena does not undertake to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date of this press release.

                       
Galena Biopharma                        
 (A Development Stage Company)                        
CONDENSED CONSOLIDATED STATEMENTS OF EXPENSES  (Amounts in thousands, except share and per share data)
 
  For the Three Months Ended June 30, 2012 For the Three Months Ended June 30, 2011 For the Six Months Ended June 30, 2012 For the Six Months Ended June 30, 2011
Research and development expense $ 3,720 $ 329 $ 6,384 $ 390
General and administrative expense    1,963  1,949  3,709  5,068
         
Operating loss  (5,683) (2,278) (10,093) (5,458)
Other income (expense), net  5,910 682 (13,220) 2,116
Income (loss) from continuing operations 227 (1,596) (23,313) (3,342)
Loss from discontinued operations (423) (2,158) (1,644) (4,257)
Net loss $ (196) $ (3,754) $ (24,957) $ (7,599)
Net income (loss) per common share:        
 Basic income (loss) per share, continuing operations $ 0.003 $ (0.04) $ (0.41) $ (0.11)
 Diluted loss per share, continuing operations $ (0.03) $ (0.04) $ (0.41) $ (0.11)
 Basic and diluted loss per share, discontinued operations $ (0.01) $ (0.06) $ (0.03) $ (0.14)
Weighted average common shares outstanding:        
Basic 65,112,147 38,568,501 56,554,160 29,492,756
Diluted 67,177,572 38,568,501 56,554,160 29,492,756
             
     
Galena Biopharma    
(A Development Stage Company)    
CONDENSED CONSOLIDATED BALANCE SHEETS    
(Amounts in thousands)    
  June 30, December 31,
  2012 2011
ASSETS    
Current assets:    
 Cash and cash equivalents $ 19,228 $ 11,433
 Restricted cash  101 101
 Prepaid expenses  760  276
     
 Total current assets  20,089 11,810
     
Equipment and furnishings, net  34 393
In-process research and development 12,864 12,864
     
Goodwill  5,898 5,898
Deposits  74  3
   Total assets  38,959   $ 30,968
  LIABILITIES AND STOCKHOLDERS' EQUITY   Current liabilities:    
 Accounts payable $ 1,706 $ 2,155
 Accrued expenses and other current liabilities  1,478  2,984
 Current maturities of capital lease obligations  12  35
 Convertible notes payable -- 500
 Fair value of warrants potentially settleable in cash 5,229 3,746
     
 Current contingent consideration  897  1,782
 Total current liabilities 9,322 11,202
Capital lease obligations, net of current maturities  45  32
Deferred tax liability, non-current 5,053 5,053
Contingent consideration, net of current portion  5,423  4,569
 Total liabilities 19,843 20,856
Stockholders' equity  19,116  10,112
Total liabilities and stockholders' equity $ 38,959  $  30,968
CONTACT: Madeline Hatton
         Toll free: +1 (855) 855-GALE (4253), ext. 109
         info@galenabiopharma.com
         
         or
         
         Remy Bernarda
         IR Sense, LLC
         +1 (503) 400-6995
         remy@irsense.com

Galena Biopharma, Inc.

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