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=10647Forward-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.
|(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|
|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:|
|(A Development Stage Company)|
|CONDENSED CONSOLIDATED BALANCE SHEETS|
|(Amounts in thousands)|
|June 30,||December 31,|
|Cash and cash equivalents||$ 19,228||$ 11,433|
|Total current assets||20,089||11,810|
|Equipment and furnishings, net||34||393|
|In-process research and development||12,864||12,864|
|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 and stockholders' equity||$ 38,959||$ 30,968|
CONTACT: Madeline Hatton Toll free: +1 (855) 855-GALE (4253), ext. 109 firstname.lastname@example.org or Remy Bernarda IR Sense, LLC +1 (503) 400-6995 email@example.com
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