Galena Biopharma Announces the Resignation of its President and Chief Executive Officer and the Evaluation of Strategic Alter...
January 31 2017 - 05:00PM
Galena Biopharma, Inc. (NASDAQ:GALE), a biopharmaceutical company
committed to the development and commercialization of hematology
and oncology therapeutics that address unmet medical needs, today
announced that the Board of Directors has entered into a
separation agreement with Mark W. Schwartz, Ph.D. under which
Dr. Schwartz will resign from the company and its affiliates
as the President, Chief Executive Officer, and member of the Board
of Directors, effective today. The Board of Directors expects to
appoint an Interim Chief Executive Officer in the next couple
weeks.
The Board of Directors also announced that it is in the process
of engaging an independent advisory firm to evaluate strategic
alternatives for the company focused on maximizing stockholder
value. Potential strategic alternatives that may be explored or
evaluated as part of this review include continuing to advance the
clinical programs as a stand-alone entity, a sale of the company, a
business combination, merger or reverse merger, and a license or
other disposition of corporate assets of the company. There is no
set timetable for this process and there can be no assurance that
this process will result in a transaction. While the Company
evaluates its strategic alternatives, Galena’s
investigator-sponsored immunotherapy trials will remain
ongoing. The Company is evaluating the appropriate time to
commence the GALE-401 trial and anticipates making a definitive
determination in the second half of 2017.
“After critical assessment of the current status of the company,
we believe that it is the right time to run a strategic evaluation
of our opportunities as we look to maximize value for our
stockholders,” said Sanford J. Hillsberg, Galena’s Chairman of the
Board of Directors. “We acknowledge Mark’s six years of service
with Galena and wish him well in his future endeavors.”
About Galena Biopharma
Galena Biopharma, Inc. is a biopharmaceutical company committed
to the development and commercialization of hematology and oncology
therapeutics that address unmet medical needs. Galena’s pipeline
consists of multiple mid-to-late-stage clinical assets led by its
hematology asset, GALE-401, and novel cancer immunotherapy programs
including NeuVax™ (nelipepimut-S) and GALE-301/GALE-302. For more
information, visit www.galenabiopharma.com.
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 progress of the development of Galena’s product
candidates, patient enrollment in our clinical trials, as well as
other statements related to the progress and timing of our
development activities, present or future licensing, collaborative
or financing arrangements, expected outcomes with regulatory
agencies, the resolution of the pending civil and criminal
government investigation and the implications for the Company’s
operations and financial condition, and projected market
opportunities for product candidates or that otherwise relate to
future periods. As a matter of policy, Galena does not comment on
or provide the market with updates as to the status of any informal
expressions of interest or formal proposals or offers presented to
the Company from time to time, or the course of discussions with
any prospective counterparties, nor will it comment upon any rumors
with regard to either of the foregoing or make a further
announcement regarding the Board of Director’s consideration of any
proposal or other expressions of interest until such time, if ever,
that it enters into a definitive agreement for a completed
transaction or is otherwise required to make an announcement. 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, 2015 and most recent Quarterly Reports on Form
10-Q and Current Reports on Form 8-K 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.
NeuVax is a trademark of Galena Biopharma, Inc.
Source: Galena Biopharma, Inc.
Contact:
Remy Bernarda
SVP, Investor Relations & Corporate Communications
(925) 498-7709
ir@galenabiopharma.com
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