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词条 Galena Biopharma
释义

  1. History

      Leadership    Stock    Stock Promotion Scandal  

  2. Products

  3. References

{{Infobox company
| company_name = Galena Biopharma, Inc.
| company_logo =
| company_type = Public ({{nasdaq|GALE}})
| company_slogan =
| foundation = 2006
| fate = Acquired by SELLAS Life Sciences Group
| defunct = {{End date|2017|12|29}}
| location = San Ramon, California, United States
| key_people = Mark Schwartz, CEO
| former_name = RXi Pharmaceuticals
| industry = Biotechnology
| revenue = $7.4 million (2014)
| products = NeuVax
| num_employees = 60 (March 2014)
| homepage = {{URL|http://www.galenabiopharma.com/}}
}}Galena Biopharma (originally RXi Pharmaceuticals) was a publicly traded pharmaceutical company based in San Ramon, California. The company was founded in Worcester, Massachusetts. In 2011, it moved to Oregon,[1][2] and in 2015 moved to San Ramon, California.[3] Mark Schwartz was the company's president and chief executive officer.[4][5][6][7] As of December 29, 2017, the company was acquired by SELLAS Life Sciences Group Ltd. through a reverse merger transaction. Galena Biopharma was renamed to SELLAS Life Sciences Group, Inc ({{nasdaq|SLS}}).[8]

History

In November 2006, Argonaut Pharmaceuticals, Inc. changed the name to RXi Pharmaceuticals Corporation.[2] RXi was a subsidiary of CytRx Corp., which provided $15 million in financing in April 2007.[9][10] RXi was founded in part by Nobel Prize winner Craig Mello.[9] In September 2007, RXi signed a licensing deal with TriLink Biotechnologies, a competitor in the RNA interference (RNAi) field, in which RXi would pay TriLink to use three of TriLink's technologies.[10]

In March 2011, the company announced the planned acquisition of Arizona-based Apthera, Inc. for $7 million. The acquisition included the breast cancer drug NeuVax.[11] In June 2011, NeuVax was approved by the United States Food and Drug Administration to start a stage three clinical trial.[12]

In September 2011, the company separated its cancer therapies division. It was renamed Galena Biopharma Inc and moved to Lake Oswego, Oregon.[1][11][13] RXi became a subsidiary of Galena and retained RNAi technologies.[13] RXi Pharmaceuticals remained in Massachusetts as a publicly traded company.[1] In January 2014, Galena bought Mills Pharmaceuticals.[14] In April 2014, the company headquarters moved to Portland.[15]

In November 2011, the company partnered with Genentech to combine drugs from each company for a cancer treatment.[16][17] Galena is currently studying the combination of NeuVax and Herceptin in phase II trials.[18]

Leadership

In March 2011, president and CEO Noah Beerman was replaced by Mark Ahn, and in August 2014, Ahn resigned and was replaced by Mark Schwartz.[6][7] On January 31, 2017, Galena announced the resignation of Mark Schwartz effective that day, and reported in the same press release that it would be exploring strategic alternatives to maximize shareholder value going forward.[19]

Stock

RXi went public in March 2008. CytRx retained 49% ownership of RXi's stock and gave shares of RXi to existing shareholders. Trading began on the NASDAQ market on March 12, 2008, under the ticker symbol of RXII.[20][21] Fidelity Investments invested $8.5 million in the company in May 2008,[22] followed by a $25 million private-equity investment by Yorkville in February 2009.[23] In 2010, RXi received a National Institutes of Health grant of $600,000.[24] By August 2010, the company had 30 employees.[24] In April 2011, RXi raised about $12 million from a stock offering[25] and received $580,000 in grants from the National Institutes of Health.[26] The company reported a loss of $11.5 million loss for 2011.[27][28]

In November 2012, an anonymous internet report caused Galena stock to decline. The company filed a lawsuit claiming the report was false and attempted to manipulate the stock.[29] In 2014, Galena's involvement in a fraudulent stock promotion scheme was exposed[30]. On February 1, 2014, analyst Matt Gravitt published an article that revealed Galena had paid MissionIR, DreamTeam brand, to promote Galena's stock.[31] Galena's stock fell 20% following this revelation that received a heated response, and was one of the three most read articles in Seeking Alpha's history.[32][33][34]Over the next few weeks, more revelations came out and the company admitted their stock promotion relationship and insider selling .[35] Galena then disclosed that the SEC was investigation their relationship with The DreamTeam Group.[36][37][38] By March 2014, five lawsuits were filed against Galena and several of its officers alleging that the company used misleading articles to boost stock prices.[35][36] Motley Fool, discussing the 23% stock price drop during March 2015, noted there was stock dilution from the offering and also that Abstral's sales were below Galena's estimates from late 2013.[39] Discussing the Motley Fool article, Portland Business Journal also noted the ongoing insider-trading lawsuits as a factor in the stock price.[40] A few days later, Zacks Investment Research said Galena could be a "great candidate" to beat its earnings.[41] In response, Galena's CEO said there were many positive aspects to the company, and that the lawsuits weren't a worry as they should get covered under Directors and officers liability insurance.[42] The company moved to San Ramon, California, in the Bay Area in 2015.[3]

Stock Promotion Scandal

The revelation that Galena was engaging in fraudulent stock promotion without adequate disclosure led to the investigation of other biotech companies who engaged in similar activities. Richard Pearson, an investor who went undercover to investigate the stock promotion firms, wrote an exposé on DreamTeam and its ties to articles about Galena, CytRx and other companies on media websites.[43][44] In April 2017, the Securities and Exchange Commission announced enforcement actions against 27 individuals and entities behind various alleged stock promotion schemes.Fraud charges were filed against three public companies, seven stock promotion or communications firms, and two company CEOs; also on this hit list are six individuals and nine writers.[45][46]

Products

Galena acquired the experimental breast cancer drug NeuVax in 2011 and are currently in phase II trials to combine the drug with Genentech's Herceptin.[47]

In 2013, Galena began selling its first developed drug, an analgesic for cancer pain named Abstral Sublingual.[4][48]

Anagrelide controlled-released (GALE-401) was approved by the FDA for phase III clinical trials for the treatment of essential thrombocytosis in December 2016.[49]

GALE-301 and GALE-302 are immunotherapies in phase I and II trials for ovarian and breast cancers.[50]

References

1. ^1 2 {{cite news|last=Siemers|first=Erik|title=Galena Biopharma exits Boston for Lake Oswego|url=http://www.bizjournals.com/portland/print-edition/2011/09/30/galena-biopharma-locates-in-lake-oswego.html?page=all|accessdate=31 March 2012|newspaper=Portland Business Journal|date=September 30, 2011|author2=Michelle Lang}}
2. ^1 {{cite web|title=10-K Annual Report |url=http://investors.galenabiopharma.com/secfiling.cfm?filingID=1193125-12-137599&CIK=1390478 |work=SEC Filings |publisher=Galena Biopharma |accessdate=31 March 2012 |deadurl=yes |archiveurl=https://web.archive.org/web/20130628145311/http://investors.galenabiopharma.com/secfiling.cfm?filingID=1193125-12-137599&CIK=1390478 |archivedate=28 June 2013 |df= }}
3. ^1 {{cite news|last1=Hayes|first1=Elizabeth|title=Portland loses a biotech company to the Bay Area|url=http://www.bizjournals.com/portland/blog/health-care-inc/2015/11/portland-loses-a-biotech-company-to-the-bay-area.html|accessdate=12 November 2015|work=Portland Business Journal|date=November 11, 2015}}
4. ^1 {{cite web | url=http://www.bizjournals.com/portland/blog/health-care-inc/2015/01/galena-ceo-upbeat-despite-poor-stock-performance.html | title=Galena CEO upbeat despite poor stock performance | publisher=Portland Business Journal | date=7 January 2015 | accessdate=16 February 2015 | author=Hayes, Elizabeth}}
5. ^{{cite web|url=http://markets.on.nytimes.com/research/stocks/fundamentals/drawFiling.asp?docKey=137-000153361312000002-2F62087HG06CGQ8E5PBM1QHC60&docFormat=XML&formType=4 |title=Ownership of Securities |publisher=United States Securities and Exchange Commission |accessdate=16 February 2015 |deadurl=yes |archiveurl=https://web.archive.org/web/20150217051757/http://markets.on.nytimes.com/research/stocks/fundamentals/drawFiling.asp?docKey=137-000153361312000002-2F62087HG06CGQ8E5PBM1QHC60&docFormat=XML&formType=4 |archivedate=17 February 2015 |df= }}
6. ^1 {{cite web | url=http://seekingalpha.com/article/2441735-3-lessons-from-the-galena-scandal | title=3 Lessons From The Galena Scandal | publisher=Seeking Alpha | date=21 August 2014 | accessdate=16 February 2015 | author=Pearson, Richard}}
7. ^1 {{cite web|url=http://www.rttnews.com/2373432/galena-biopharma-ceo-mark-ahn-steps-down-names-mark-schwartz-replacement.aspx |title=Galena Biopharma CEO Mark Ahn Steps Down, Names Mark Schwartz Replacement |publisher=RTT News |date=21 August 2014 |accessdate=16 February 2015 |deadurl=yes |archiveurl=https://web.archive.org/web/20150217064430/http://www.rttnews.com/2373432/galena-biopharma-ceo-mark-ahn-steps-down-names-mark-schwartz-replacement.aspx |archivedate=17 February 2015 |df= }}
8. ^{{cite press release| author = | title = SELLAS Life Sciences Group Successfully Completes Business Combination with Galena Biopharma| url = https://globenewswire.com/news-release/2017/12/29/1276755/0/en/SELLAS-Life-Sciences-Group-Successfully-Completes-Business-Combination-with-Galena-Biopharma.html| format = | location = | publisher = SELLAS Life Sciences Group, Inc.| agency = GlobeNewswire| date = 2017-12-29| access-date = 2018-11-05}}
9. ^1 {{cite news|title=RXi Pharma to receive $15M from CytRx|url=http://www.bizjournals.com/boston/stories/2007/04/16/daily44.html|accessdate=1 April 2012|newspaper=Boston Business Journal|date=April 20, 2007}}
10. ^1 {{cite news|title=RXi licenses additional RNAi technology|url=http://www.bizjournals.com/boston/stories/2007/09/10/daily18.html|accessdate=1 April 2012|newspaper=Boston Business Journal|date=September 11, 2007}}
11. ^1 {{cite news|last=Donnelly|first=Julie M.|title=RXi acquires Apthera, names new CEO|url=http://www.bizjournals.com/boston/news/2011/03/31/rxi-acquires-apthera-names-new-ceo.html|accessdate=1 April 2012|newspaper=Boston Business Journal|date=March 31, 2011}}
12. ^{{cite news|last=Donnelly|first=Julie M.|title=RXi advances breast cancer vaccine|url=http://www.bizjournals.com/boston/news/2011/06/06/rxi-advances-breast-cancer-vaccine.html|accessdate=1 April 2012|newspaper=Boston Business Journal|date=June 6, 2011}}
13. ^1 {{cite news|last=Lang|first=Michelle|title=RXi to split into two public companies|url=http://www.bizjournals.com/boston/news/2011/09/26/rxi-to-spit-into-two-public-companies.html|accessdate=1 April 2012|newspaper=Boston Business Journal|date=September 26, 2011}}
14. ^{{cite news|last=Hayes|first=Elizabeth|title=Galena Biopharma acquisition may deliver promising new drug|url=http://www.bizjournals.com/portland/blog/health-care-inc/2014/01/galena-biopharma-acquisition-may.html?page=all|accessdate=14 January 2014|newspaper=Portland Business Journal|date=January 13, 2014}}
15. ^{{cite web|title=Amendment to Annual Report |url=http://records.sos.state.or.us/webdrawer/webdrawer.dll/webdrawer/rec/3194342/view/SOS%20-%20Corporation%20-%20Business%20Entity%20Filing%20Records%20-%2079285996.PDF |work=Business Entity Filing Records |publisher=Oregon Secretary of State |accessdate=1 May 2014 |deadurl=yes |archiveurl=https://web.archive.org/web/20140502032842/http://records.sos.state.or.us/webdrawer/webdrawer.dll/webdrawer/rec/3194342/view/SOS%20-%20Corporation%20-%20Business%20Entity%20Filing%20Records%20-%2079285996.PDF |archivedate=2 May 2014 |df= }}
16. ^{{cite news|last=Leuty|first=Ron|title=Genentech, Galena to combine breast cancer therapies in mid-stage trial|url=http://www.bizjournals.com/portland/news/2011/11/28/genentech-galena-to-combine-breast.html|accessdate=31 March 2012|newspaper=San Francisco Business Times|date=November 28, 2011}}
17. ^{{cite journal|last=Marcial|first=Gene|title=Roche Accelerates Defense Strategy to Protect Breast-Cancer Drug Herceptin's Turf|journal=Forbes|date=March 15, 2012|url=https://www.forbes.com/sites/genemarcial/2012/03/15/roche-accelerates-defense-strategy-to-protect-breast-cancer-drug-herceptins-turf/|accessdate=31 March 2012}}
18. ^http://galenabiopharma.com/pipeline/neuvax/neuvax-herceptin-her2-1-2/
19. ^{{cite web |url=http://finance.yahoo.com/news/galena-biopharma-announces-resignation-president-220000854.html |title=Galena Biopharma Announces the Resignation of its President and Chief Executive Officer and the Evaluation of Strategic Alternatives|date=January 31, 2017 |website=Yahoo Finance |access-date=January 31, 2017}}
20. ^{{cite news|last=Hollmer|first=Mark|title=Regulators approve novel stock offering for RXi|url=http://www.bizjournals.com/boston/stories/2008/02/25/story15.html|accessdate=1 April 2012|newspaper=Boston Business Journal|date=February 25, 2008}}
21. ^{{cite news|title=RXi Pharmaceuticals begins public trading|url=http://www.bizjournals.com/boston/stories/2008/03/10/daily24.html|accessdate=1 April 2012|newspaper=Boston Business Journal|date=March 12, 2008}}
22. ^{{cite news|last=Noyes|first=Jesse|title=RXi hunkers down for potential deal as cash dries|url=http://www.bizjournals.com/boston/stories/2008/12/15/story12.html|accessdate=1 April 2012|newspaper=Boston Business Journal|date=December 15, 2008}}
23. ^{{cite news|title=RXi scores $25M private equity deal|url=http://www.bizjournals.com/boston/stories/2009/02/02/daily69.html|accessdate=1 April 2012|newspaper=Boston Business Journal|date=February 6, 2009}}
24. ^1 {{cite news|last=Donnelly|first=Julie M.|title=Startup RXi eyes growth by narrowing its focus|url=http://www.bizjournals.com/boston/stories/2010/08/09/story6.html?page=all|accessdate=1 April 2012|newspaper=Boston Business Journal|date=August 9, 2010}}
25. ^{{cite news|last=Lang|first=Michelle|title=RXi makes $12M securities offering|url=http://www.bizjournals.com/boston/news/2011/04/15/rxi-makes-12m-securities-offering.html|accessdate=1 April 2012|newspaper=Boston Business Journal|date=April 15, 2011}}
26. ^{{cite news|last=Lang|first=Michelle|title=RXi nabs RNAi grants|url=http://www.bizjournals.com/boston/news/2011/04/26/rxi-nabs-rnai-grants.html|accessdate=1 April 2012|newspaper=Boston Business Journal|date=April 26, 2011}}
27. ^{{cite news|last=Giegerich|first=Andy|title=Galena Biopharma trimmed losses in 2011|url=http://www.bizjournals.com/portland/morning_call/2012/03/galena-cuts-its-yearly-losses.html|accessdate=31 March 2012|newspaper=Portland Business Journal|date=March 29, 2012}}
28. ^{{cite news|last=Giegerich|first=Andy|title=Galena posts year-over-year losses|url=http://www.bizjournals.com/portland/news/2011/11/14/galena-posts-year-over-year-losses.html|accessdate=31 March 2012|newspaper=Portland Business Journal|date=November 14, 2011}}
29. ^{{cite news|last=Budnick|first=Nick|title=Lake Oswego biotech firm battles Internet critics|url=http://www.oregonlive.com/health/index.ssf/2012/12/lake_oswego_biotech_firm_battl.html#incart_river_default|accessdate=2 December 2012|newspaper=The Oregonian|date=December 2, 2012}}
30. ^{{Cite news|url=https://law.justia.com/cases/federal/district-courts/oregon/ordce/3:2014cv00367/116141/149/|title=Galena Biopharma, Inc. Securities Litigation, No. 3:2014cv00367|last=|first=|date=|work=Justia US Law|access-date=|archive-url=|archive-date=|dead-url=}}
31. ^{{Cite web|url=http://securities.stanford.edu/filings-documents/1051/GBI00_01/20141031_r01c_14CV00367.pdf|title=CASE No.:3:14-cv-00367-SI IN RE GALENA BIOPHARMA, INC.SECURITIES LITIGATION, CONSOLIDATED CLASS ACTION COMPLAINT FOR VIOLATIONS OF THE FEDERAL SECURITIES LAWS|last=|first=|date=|website=|archive-url=|archive-date=|dead-url=|access-date=}}
32. ^{{Cite news|url=https://ca.finance.yahoo.com/news/trendingwallstreet-com-releases-volume-coverage-hlf-gale-aegy-051000665.html|title=Volume Coverage on HLF, GALE, AEGY, and SING|last=|first=|date=February 1, 2014|work=Yahoo Finance|access-date=|archive-url=|archive-date=|dead-url=}}
33. ^{{Cite web|url=https://seekingalpha.com/article/2920156-announcing-this-weeks-performance-award-winners-joe-springer-and-matt-gravitt|title=Announcing This Week's Performance Award Winners - Joe Springer And Matt Gravitt|last=|first=|date=February 17, 2015|website=Seeking Alpha|archive-url=|archive-date=|dead-url=|access-date=}}
34. ^{{Cite web|url=https://seekingalpha.com/article/1984371-galena-biopharma-numerous-red-flags-suggest-a-significant-overvaluation?source=all_articles_title|title=Galena Biopharma: Numerous Red Flags Suggest A Significant Overvaluation|last=Gravitt|first=Matt|date=January 31, 2014|website=Seeking Alpha|archive-url=|archive-date=|dead-url=|access-date=}}
35. ^1 {{cite news|url=http://www.oregonlive.com/health/index.ssf/2014/03/california_investor_takes_aim.html|title=California investor takes aim at stock promoting, reports Lake Oswego biotech firm|work=OregonLive.com|accessdate=20 April 2014}}
36. ^1 {{cite news|url=http://online.barrons.com/news/articles/SB50001424053111904628504579437221467691900|title=An Insider's Tale of a Stock Promotion Plan: Galena, CytRx - Barron's|accessdate=20 April 2014}}
37. ^{{cite news|url=http://seekingalpha.com/article/2086173-behind-the-scenes-with-dream-team-cytrx-and-galena|title=CytRx Corporation (CYTR) news: Behind The Scenes With Dream Team, CytRx And Galena - Seeking Alpha|work=Seeking Alpha|accessdate=20 April 2014}}
38. ^{{cite news|url=http://finance.fortune.cnn.com/2014/03/20/seeking-alpha-dreamteam-news-sites/|title=At financial news sites, stock promoters make inroads - The Term Sheet: Fortune's deals blogTerm Sheet|work=CNN|accessdate=20 April 2014}}
39. ^{{cite news|url=http://www.fool.com/investing/general/2015/04/07/galena-biopharma-inc-imploded-in-march-heres-why.aspx|title=Galena Biopharma Inc. Imploded in March -- Here's Why (GALE)|last=Williams|first=Sean|date=7 April 2015|work=The Motley Fool|accessdate=7 April 2015}}
40. ^{{cite news|url=http://www.bizjournals.com/portland/blog/health-care-inc/2015/04/galena-stock-tanks-as-biotech-darling-records-slow.html|title=Galena stock tanks as biotech darling records slow sales of new drug|last=Hayes|first=Elizabeth|work=American City Business Journals|accessdate=7 April 2015}}
41. ^{{cite news|url=http://www.zacks.com/stock/news/170172/can-galena-biopharma-gale-keep-the-earnings-streak-alive-this-quarter|title=Can Galena Biopharma (GALE) Keep the Earnings Streak Alive This Quarter?|date=9 April 2015|accessdate=13 April 2015}}
42. ^{{cite news|url=http://www.bizjournals.com/portland/blog/health-care-inc/2015/04/galena-ceo-a-lot-of-noise-but-the-biotech-company.html|title=Galena CEO: 'A lot of noise,' but the biotech company is 'on target'|last=Hayes|first=Elizabeth|date=13 April 2015|work=American City Business Journals|accessdate=13 April 2015}}
43. ^{{Cite web|url=http://fortune.com/2014/03/20/at-financial-news-sites-stock-promoters-make-inroads/|title=At financial news sites, stock promoters make inroads|last=|first=|date=March 20, 2014|website=Fortune|archive-url=|archive-date=|dead-url=|access-date=}}
44. ^{{Cite web|url=https://seekingalpha.com/article/2086173-behind-the-scenes-with-dream-team-cytrx-and-galena|title=Behind The Scenes With Dream Team, CytRx And Galena|last=Pearson|first=Richard|date=March 13, 2014|website=Seeking Alpha|archive-url=|archive-date=|dead-url=|access-date=}}
45. ^{{Cite web|url=http://www.fiercebiotech.com/biotech/sec-hits-out-at-paid-for-bio-analysts-ceos-and-firms-charges-27|title=SEC hits out at paid-for bioanalysts, CEOs and firms, charges 27|last=|first=|date=April 11, 2017|website=Fierce Biotech|archive-url=|archive-date=|dead-url=|access-date=}}
46. ^{{Cite web|url=https://www.sec.gov/news/press-release/2017-79|title=27 Firms and Individuals Charged With Fraudulent Promotion of Stocks|last=|first=|date=April 10, 2017|website=SEC.gov|archive-url=|archive-date=|dead-url=|access-date=}}
47. ^http://galenabiopharma.com/pipeline/neuvax/neuvax-herceptin-her2-1-2/
48. ^{{cite news|last=Hayes|first=Elizabeth|title=Galena launches drug for cancer pain in the U.S.|url=http://www.bizjournals.com/portland/blog/health-care-inc/2013/10/galena-launches-drug-for-cancer-pain.html|accessdate=5 October 2013|newspaper=Portland Business Journal|date=October 3, 2013}}
49. ^https://globenewswire.com/news-release/2016/12/28/901925/0/en/Galena-Biopharma-Confirms-Regulatory-Pathway-for-GALE-401-Anagrelide-Controlled-Release.html
50. ^http://galenabiopharma.com/pipeline/gale-301/
{{Pharmaceutical companies of the United States}}

8 : Biotechnology companies of the United States|Companies based in San Ramon, California|Pharmaceutical companies of the United States|Pharmaceutical companies established in 2006|Companies listed on NASDAQ|Biotechnology companies established in 2006|2006 establishments in Massachusetts|Health care companies based in California
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