SAN RAMON, Calif., May 10, 2017 (GLOBE NEWSWIRE) -- Galena Biopharma, Inc. (NASDAQ:GALE), a biopharmaceutical company developing hematology and oncology therapeutics that address unmet medical needs, today reported its financial results for the quarter ended March 31, 2017.

"In the first quarter of 2017, we initiated a strategic assessment of Galena to examine a variety of options for optimizing value for the Company and our shareholders," said Stephen F. Ghiglieri, Interim Chief Executive Officer and Chief Financial Officer. "As announced, we hired Canaccord Genuity to assist us in the process, and we are now actively exploring several potential opportunities, from monetizing some or all of our clinical development programs through a license or sale of the assets, to a complete transformation of the Company via a sale, merger, reverse merger, or business combination with another company, as well as combinations of these strategies."

"As we pursue potential strategic options for Galena, we are also striving to remove outstanding challenges facing the organization. We are pleased that we have put two significant legal issues behind us through the announced resolution with the Securities and Exchange Commission, and we have also reached an oral agreement in principle with the U.S. Attorney's Office for the District of New Jersey (USAO NJ) and the Department of Justice (DOJ) for a non-criminal resolution and civil payment. The resolution of these matters will significantly reduce the associated litigation expenses as we continue to conserve working capital, and it also removes a significant distraction to the Company, allowing the management team to focus our efforts and resources on executing a positive outcome to the strategic review process," added Mr. Ghiglieri.

Mr. Ghiglieri concluded, "Over the last few months, our clinical programs brought additional positive news to the Company. We obtained positive recommendations from the data safety monitoring board for continuation of both NeuVax™ (nelipepimut-S) investigator-sponsored breast cancer combination trials with trastuzumab, and we look forward to completion of enrollment in those trials and the interim efficacy readout from the HER2 1+/2+ trial late this year. We also had two positive data presentations at major medical conferences: one on the interim safety data for NeuVax in our HER2 3+ trial, and the second on the final results from the GALE-301 (E39) Phase 1/2a clinical trial. Our clinical team also continues work to prepare our GALE-401 asset for initiation of a Phase 3 trial in essential thrombocythemia with a current goal of enabling enrollment of the first patient late this year."

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