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Stock Market & Financial Investment News

News Breaks
January 13, 2014
07:07 EDTGALEGalena acquires Mills Pharmaceuticals in share transaction
Galena Biopharma announced it has acquired Mills Pharmaceuticals, which has the worldwide rights to GALE-401, a patented, controlled release formulation of anagrelide. Galena expects to pursue the expedited 505(b)(2) regulatory pathway to seek approval of GALE-401 for the treatment of Essential Thrombocythemia, or ET. The company also believes GALE-401 meets the qualifications for orphan drug status. GALE-401 has an estimated peak market size of approximately $200M in the U.S. Under the terms of the agreement, Galena paid an up-front payment to Mills Pharmaceuticals' owners. Additionally, Mills Pharmaceuticals owners are eligible to receive one-time payments of up to 4M shares with the achievement of specified regulatory milestones. The owners of Mills Pharmaceuticals are also eligible to receive $3M upon FDA approval of a new drug application in respect to GALE-401. GALE-401 possesses a broad patent portfolio and provides intellectual property protection through at least 2029. Mills Pharmaceuticals is affiliated with Aceras Partners. Roth Capital Partners acted as financial advisor to Galena in this transaction.
News For GALE From The Last 14 Days
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September 25, 2014
18:21 EDTGALEOn The Fly: After Hours Movers
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17:59 EDTGALEGalena announces release of special committee report regarding stock promotion
Galena Biopharma announced the release of a report prepared by the former Special Committee of Galena's board regarding the company's 2012-2014 market visibility campaigns and the sale of shares by insiders in Q1. Some of the findings from the report include: "We found no evidence that, with the exception of Mark Ahn, insiders had knowledge of Dream Team Group's activities before trading in the company 's stock; We found no evidence that officers and directors had material nonpublic information before trading in the company's stock; We found no evidence that the trades by officers and directors in 1Q14 violated company policy; During our investigation, we discovered that another of the company's investor relations firms, Lidingo Holdings, might have engaged in improper conduct relative to the payment of bloggers for promotional articles written about the company; We found that Mark Ahn granted stock options to Lidingo as part of its compensation for its services without Board approval, which is contrary to company policy; Based on these findings of fact, we conclude that it is possible that Lidingo violated Section 17b of the Securities Act of 1933." Shares of Galena are up 6% after hours following the release of the special committee report. Reference Link

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