Galena Biopharma 2016 Outlook Focuses On 'High Value' Cancer Immunotherapy Pipeline

Shares of Galena Biopharma Inc (NASDAQ: GALE) were trading lower by more than 5 percent at $0.770 on Wednesday after the company detailed its 2016 strategy.

Galena Biopharma noted that its 2016 strategy to advance the company's "high value" cancer immunotherapy clinical development pipeline has resulted in a progression to eight clinical trials that are ongoing or planned.

Galena Biopharma added that it expects to reach two key milestones in 2016 with the readout of its NeuVax Phase 3 PRESENT interim safety and futility analysis in the second quarter and the launch of a randomized, Phase 2b trial for GALE-301/302 to take place in the bottom half of the year.

"The advances in the immunotherapy field reinforce the importance of our approach, and we are pleased with our position as the leader in developing therapies to prevent cancer recurrence," Mark W. Schwartz, Ph.D., President and Chief Executive Officer, commented. "Most prominently, we are treating women in areas where there are no approved targeted therapies and where there is a very high unmet medical need to prevent their cancer from returning. Our immunotherapy assets have a proven mechanism of action and we believe we have selected the right patient populations to achieve success. And, as we have done successfully thus far, we will continue to seek collaborations to leverage our financial resources and further advance our assets into other indications."