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Galena Biopharma Reports Year-End 2012 Financial Results

About Folate Binding Protein (FBP)

Folate Binding Protein (FBP) is highly over-expressed in breast, ovarian and endometrial cancers and is a well-validated therapeutic target. FBP is the source of immunogenic peptides like E39 that can stimulate cytotoxic T lymphocytes (CTL) to recognize and destroy preclinical FBP-expressing cancer cells. The FBP vaccine consists of the FBP peptide combined with the immune adjuvant, granulocyte macrophage-colony stimulating factor (GM-CSF). Galena's FBP vaccine, E39, is currently in a Phase 1/2 trial in two gynecological cancers: ovarian and endometrial adenocarcinomas.

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 preliminary results of the trends in CTS in patients treated with NeuVax, 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, 2012 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)
     
  Year Ended December 31, 2012 Year Ended December 31, 2011
     
     
Expenses:    
     
Research and development $ 14,614 $ 3,851
     
General and administrative  6,585  8,635
     
Operating loss  (21,199)  (12,486)
     
Other income (expense), net  (13,178)  9,079
     
Pretax loss - continuing operations  (34,377)  (3,407)
     
Income tax benefit  (1,052)  -- 
     
Loss from continuing operations  (33,325)  (3,407)
     
Net loss- discontinued operations  (1,644)  (8,078)
     
Net loss  $ (34,969)  $ 11,485
     
Earnings per common share - basic and diluted    
Continuing operations  $ (0.53)  $ (0.09)
Discontinued operations  $ (0.03)  $ (0.22)
     
Net loss  $ (0.56)  $ (0.32)
     
Weighted average shares outstanding – basic and diluted 62,480,666 36,334,413
     
     
Galena Biopharma
(A Development Stage Company)
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
     
  December 31, 2012 December 31, 2011
     
ASSETS    
Current assets:    
Cash and cash equivalents $ 32,807 $ 11,433
Restricted cash 101 101
Marketable securities  2,678 --
Prepaid expenses 535 276
     
Total current assets 36,121 11,810
     
Equipment and furnishings, net 29 393
In-process research and development 12,864 12,864
Goodwill 5,898 5,898
Deposits 74 3
     
Total assets $ 54,986 $ 30,968
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Accounts payable and accrued expenses $ 4,014 $ 5,139
Current maturities of capital lease obligations 6 35
Convertible notes payable, current -- 500
Fair value of warrants potentially settleable in cash 10,964 3,746
Current contingent purchase price consideration, current 935  1,782
     
Total current liabilities 15,919 11,202
Capital lease obligations, net of current maturities 51 32
Deferred tax liability, non-current 5,053 5,053
Contingent purchase price consideration, long term 6,207 4,569
     
Total liabilities 27,230 20,856
Stockholders' equity 27,756 10,112
     
Total liabilities and stockholders' equity $ 54,986 $ 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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