Shares of Galena Biopharma Inc (NASDAQ:GALE) ended Friday session in red amid volatile trading. The shares closed down -0.013 points or -3.85% at $0.320 with 4.09 million shares getting traded. Post opening the session at $0.33, the shares hit an intraday low of $0.32 and an intraday high of $0.33 and the price vacillated in this range throughout the day. The company has a market cap of $65.82 million and the numbers of outstanding shares have been calculated to be 213.97 million shares.
Galena Biopharma Inc (GALE) on Sept. 12, 2016 announced the issuance of a second Japanese Patent (JP Patent #5985719) containing composition and method of use claims for GALE-401, the Company’s controlled release version of anagrelide. The patent covers the treatment of patients suffering from myeloproliferative diseases, including myeloproliferative neoplasms (MPNs) such as essential thrombocythemia (ET) and polycythemia vera. The patent provides GALE-401 exclusivity until 2029, not including any patent term extensions.
“With our plans to initiate a Phase 3 trial next year in essential thrombocythemia, we are looking to position GALE-401 as a potential treatment option for MPN patients worldwide,” said Mark W. Schwartz, Ph.D., President and Chief Executive Officer. “This Japanese patent further expands our international intellectual property (IP) position complementing our IP estate in the United States. Branded anagrelide immediate release was approved in Japan in 2014.
GALE-401 contains the active ingredient anagrelide. The currently available immediate release formulation (Agrylin® or anagrelide IR) is approved in the U.S., Europe and Japan for the treatment of patients with thrombocythemia, secondary to myeloproliferative disorders, to reduce the elevated platelet count and the risk of thrombosis, and to ameliorate associated symptoms including thrombo-hemorrhagic events. Adverse events associated with anagrelide IR, such as nausea, diarrhea, abdominal pain, palpitations, tachycardia, and headache, may be dose and plasma concentration dependent. GALE-401 is a controlled release formulation of anagrelide, which significantly reduces the maximum plasma concentration (Cmax), and is expected to reduce side effects, but preserve efficacy. A Phase 2 pilot study with GALE-401 has been completed and Galena expects to launch a Phase 3 trial in the first half of 2017.
Shares of Halozyme Therapeutics, Inc. (NASDAQ:HALO) ended Friday session in green amid volatile trading. The shares closed up +0.88 points or 7.93% at $11.98 with 4.05 million shares getting traded. Post opening the session at $11.24, the shares hit an intraday low of $11.13 and an intraday high of $12.06 and the price vacillated in this range throughout the day. The company has a market cap of $1.67 billion and the numbers of outstanding shares have been calculated to be 129.41 million shares.
Halozyme Therapeutics, Inc. (HALO) on Sept. 1, 2016 named biotech veteran Mark J. Gergen as senior vice president and chief operating officer, reporting to Dr. Helen Torley, president and chief executive officer.
Gergen will be responsible for corporate development, including the management of Halozyme’s proprietary ENHANZE™ platform collaborations and overseeing the global product teams responsible for planning the development and commercialization of Halozyme’s oncology pipeline, including clinical operations and clinical collaborations.
“Mark brings a wealth of business development and operational experience that will be essential as we execute our plan to accelerate growth of the ENHANZE platform and develop and commercialize multiple oncology drugs,” said Dr. Torley. “With more than 20 years of healthcare and biotech experience, he will be a strong addition to our management team as we execute our growth strategy.”
Gergen joins Halozyme most recently from Mirati Therapeutics, an oncology biotech, where he was executive vice president and chief operating officer reporting to the CEO and responsible for the strategy, corporate development, finance, investor relations, human resources, information technology and legal functions. He executed multiple successful partnerships, collaborations and licensing agreements.
Before Mirati, he spent 7 years at Amylin Pharmaceuticals as a member of the executive committee reporting to the CEO, where he led corporate development and alliances.
“I am excited to join the Halozyme team as the company continues to execute against its business objectives and corporate strategy,” said Gergen. “The advancements in the oncology pipeline together with the opportunity to grow the proprietary ENHANZE platform create a unique opportunity to build significant shareholder value.”