Shares of Galena Biopharma Inc (NASDAQ:GALE) ended Thursday session in red amid volatile trading. The shares closed down -0.009 points or -2.25% at $0.395 with 3.67 million shares getting traded. Post opening the session at $0.40, the shares hit an intraday low of $0.39 and an intraday high of $0.41 and the price vacillated in this range throughout the day. The company has a market cap of $83.08 million and the numbers of outstanding shares have been calculated to be 213.97 million shares.
Galena Biopharma Inc (GALE) on Aug. 09, 2016 reported its financial results for the quarter ended June 30, 2016.
Operating loss from Galena’s development programs and general and administrative expenses, classified as continuing operations, during the three months ended June 30, 2016 was $9.3 million, including $0.6 million in non-cash stock-based compensation, compared to an operating loss from continuing operations of $9.1 million, including $0.4 million in non-cash stock-based compensation for the same period in 2015. Operating loss for the first half of 2016 was $18.3 million, including $1.3 million in non-cash stock-based compensation, compared to an operating loss from continuing operations of $18.0 million, including $0.8 million in non-cash stock-based compensation for the same period in 2015.
Income from continuing operations for Q2 2016 was $8.3 million, or $0.05 per basic and diluted share, including $17.6 million in non-operating income. Loss from continuing operations for Q2 2015 was $13.5 million, or $0.08 per basic and diluted share, including a $4.3 million non-cash loss on the change in the warrant liability. Loss from continuing operations for the first half of 2016 was $4.8 million, or $0.03 per basic and diluted share, including $13.4 million in non-operating income. Loss from continuing operations for the first half of 2015 was $21.8 million, or $0.15 per basic and diluted share, including a $3.1 million non-cash loss on the change in the warrant liability.
The increase in Galena’s net non-operating income during the three and six months ended June 30, 2016 compared to the three and six months ended June 30, 2015 was largely due to two factors: a significant decrease in the estimated fair value of warrants accounted for as liabilities driven by the decline in Galena’s common stock price; and, the significant decrease in the fair value of the contingent purchase price liability for NeuVax given the decision to terminate the PRESENT study. This increase in net non-operating income is reflected as a non-cash gain in the consolidated financial statements. Management believes the most relevant measure of our performance is operating loss and loss from discontinued operations. The non-cash gains in non-operating income were partially offset by $1.8 million in opt-out litigation settlements that were paid in July 2016, with $1.65 million paid in shares of common stock and $0.15 million paid in cash.
Shares of Merck & Co., Inc. (NYSE:MRK) ended Thursday session in green amid volatile trading. The shares closed up +0.11 points or 0.18% at $62.90 with 6.54 million shares getting traded. Post opening the session at $62.70, the shares hit an intraday low of $62.39 and an intraday high of $62.98 and the price vacillated in this range throughout the day. The company has a market cap of $174.15 billion and the numbers of outstanding shares have been calculated to be 2.77 billion shares.
On August 17, 2016 Lux Research, a leading independent research and advisory firm, announced that Mike Coyne will join the company as President and CEO. He will be based in Lux Research’s Boston headquarters.
In his new role, Mike succeeds Dennis Philbin, who guided Lux to emerge as a leader in providing strategic advice and ongoing intelligence on emerging technologies, with over 300 clients in 75 countries during his 8-year executive tenure.
Mike brings a proven record of successful leadership in the data analytics and information services sector, spanning a breadth of industries. He was the founding CEO of Verisk Health, a data-enabled health insurance analytics and advisory company and a subsidiary of multinational information company Verisk Analytics (VRSK). Verisk Health grew from a small information services business to a leading data analytics company under Mike’s direction.
Most recently, Mike was the CEO of Quantia, a leading provider of digital physician engagement solutions for health and pharmaceutical companies. Prior to Quantia’s sale to Merck’s Aptus Health division (MRK) last year, Mike oversaw expansion into new markets and development of the company’s core product.
“As Lux Research continues to grow to better serve our global clients, Mike’s experience in leveraging data analytics to drive better corporate decisions will prove invaluable for our next phase of expansion,” said Bill Brady, Executive Chairman of Lux Research. “I could not be more pleased with Mike’s decision to lead Lux into its next exciting stage.”
“I am thrilled to join Lux Research at this exciting time in the company’s evolution,” said Mike Coyne. “Understanding and taking advantage of emerging technologies has become a strategic imperative for businesses across the globe, and Lux Research is in a special position to help them succeed. I look forward to working with our talented team to bring solutions to our growing client base.”