Shares of Galena Biopharma Inc (NASDAQ:GALE) ended Friday session in green amid volatile trading. The shares closed up +0.008 points or 2.05% at $0.403 with 2.58 million shares getting traded. Post opening the session at $0.40, the shares hit an intraday low of $0.40 and an intraday high of $0.42 and the price vacillated in this range throughout the day. The company has a market cap of $84.35 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.
As announced on June 29, 2016, Galena discontinued its NeuVax™ (nelipepimut-S) Phase 3 PRESENT (Prevention of Recurrence in Early-Stage, Node-Positive Breast Cancer with Low to Intermediate HER2 Expression with NeuVax Treatment) clinical trial due to futility in accordance with the recommendation from the Independent Data Monitoring Committee (IDMC). With support from outside experts, the Company conducted a thorough investigation of the trial that confirmed the IDMC recommendation and found no evidence of a systemic reversal of the treatment arms, as suggested by the IDMC letter dated June 27, 2016. As a result, Galena is closing the PRESENT trial.
“While we are clearly disappointed in the outcome of the PRESENT trial, we are fortunate to have a diversified, robust pipeline which includes GALE-401 that we are advancing into late stage development,” said Mark W. Schwartz, Ph.D., President and Chief Executive Officer. “We plan to meet with the FDA by the end of the year to discuss our Phase 2/3 clinical trial design for GALE-401. We expect to initiate a pivotal trial in the first half of 2017 addressing an unmet medical need in patients with essential thrombocythemia.”
Dr. Schwartz continued, “We remain committed to the prevention of recurrence in breast, ovarian, and endometrial cancers. We have shared the PRESENT information with our investigators for the NeuVax plus trastuzumab combination trials in breast cancer, and those trials are continuing as planned. The first data presentation of the interim safety analysis from the HER2 1+/2+ patients will be at the European Society for Medical Oncology Congress in October. Our GALE-301 and GALE-302 trials are also ongoing with multiple data presentations expected this year.”
Shares of Exelixis, Inc. (NASDAQ:EXEL) ended Friday session in green amid volatile trading. The shares closed up +0.19 points or 1.67% at $11.54 with 3.52 million shares getting traded. Post opening the session at $11.40 the shares hit an intraday low of $11.38 and an intraday high of $11.61 and the price vacillated in this range throughout the day. The company has a market cap of $2.71 billion and the numbers of outstanding shares have been calculated to be 230.33 million shares.
Exelixis, Inc. (EXEL) announced that Michael M. Morrissey, Ph.D., the company’s president and chief executive officer, will provide an overview of the company at the Morgan Stanley Global Healthcare Conference taking place September 12-14 in New York, NY. The Exelixis presentation is scheduled for 9:10 AM EDT/6:10 AM PDT on Tuesday, September 13, 2016.
The presentation will be webcast live and may be accessed via the Event Calendar page under Investors & Media at www.exelixis.com. Please connect to the company’s website at least 15 minutes prior to the presentation to ensure adequate time for any software download that may be require to listen to the webcast. A replay will also be available at the same location for 14 days.