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Galena Biopharma Acquires Abstral(R) (fentanyl) Sublingual Tablets In U.S., A Novel, Best-in-Class Treatment Approved For Breakthrough Cancer Pain

About Orexo AB

Orexo AB is an emerging specialty pharma company developing improved treatments using proprietary drug delivery technology. Orexo's expertise is within the area of reformulation technologies and especially sublingual formulations. The company has a portfolio of revenue generating EU and US approved products currently marketed under license and a pipeline of several reformulations of approved compounds for areas of unmet medical need. Orexo also has collaboration projects with several international pharma companies. Orexo AB is headquartered in Sweden has 90 employees and is listed on NASDAQ-OMX. The largest shareholders are Novo A/S and HealthCap. For information about Orexo please visit www.orexo.com

About Galena Biopharma

Galena Biopharma, Inc. (Nasdaq:GALE) is a Portland, Oregon-based biopharmaceutical company developing 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 Galena's expectations, plans and prospects for commercialization of Abstral and the planned debt financing to fund the Abstral acquisition, as well as the development of Galena's NeuVax product candidate. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including the possibility that Galena's commercialization of Abstral may be delayed or prove unsuccessful, and that the planned debt financing may not be completed on the terms indicated, or at all. Galena's business and operations and the development of its product candidates also are subject to the risks and uncertainties 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.

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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