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News Breaks
February 14, 2014
15:26 EDTGALEGalena responds to article by TheStreet.com
Galena Biopharma issued a letter to its shareholders in response to recent media attention stemming from an article by TheStreet.com. "Dear Shareholders: Due to the recent media attention on Galena Biopharma that we acknowledge is having an impact on investor confidence, we felt it necessary, as a service to our shareholders, to publicly respond to the discussions and set the record straight. The genesis of this attention is due to a single reporter, Adam Feuerstein from TheStreet.com, who clearly has an agenda when it comes to Galena. This can be evidenced by his numerous, tabloid-like articles on the company that have appeared over the past three years and are sensational but largely devoid of true information. The article this week is just another in the line, which for us have become noise. Mr. Feuerstein has never requested a meeting with the company to understand the details of our programs or the goals of the company. On the contrary, his requests for information are consistently accusatory and negative. As a result, we do not feel it is worthwhile to engage him or respond to other media outlets that serve to advance his agenda. However, we do recognize that you, our shareholders, deserve a direct response on the matters at hand. The only facts in Mr. Feuerstein's most recent article that are remotely accurate are that Galena previously engaged the DreamTeamGroup and that insiders at the company, including me, divested shares in mid January. All other accusations in this article as with his prior reporting on Galena are specious and conveniently arranged to create controversy."
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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