SAN RAMON, Calif., Jan. 31, 2017 (GLOBE NEWSWIRE) -- 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
