Galena Biopharma Inc. (NASDAQ:GALE)
Galena Biopharma Inc. (NASDAQ:GALE) shares fell 4.7% after the biopharmaceutical company announced the completion of patient enrollment in two NeuVax clinical trials. The company is investigating the drug in combination with Trastuzumab as a prevention for breast cancer recurrence in patients with no other treatment options.
According to the Chief Medical Officer, Bijan Nejadnik, completion of patient enrollment marks a major milestone on Neuvax development. Shareholders reacted negatively to the sentiments pushing the stock near all-time lows.
Galena Biopharma Inc. (NASDAQ:GALE) is trading in a strong downtrend after losing more than 70% in market value since the start of the year. The stock is currently trading at the lower end of its $0.35 – $ 0.38 trading range and close to its 52-week low of $0.26 a share.
Neuvax is the company’s lead candidate drug expected to affect the stock’s direction of trade. A Phase 2b clinical trial of the drug has already enrolled 300 patients. Preliminary clinical trial results presented last year indicate that NeuVax in combination with trastuzumab remains well tolerated with no safety concerns.
“The combination of trastuzumab and NeuVax has been shown to be synergistic in preclinical investigation, and we believe could be an effective treatment to prevent breast cancer recurrence in patients with no other treatment options,” said Mr. Nejadnik.
GALE-401 Development Partnership
Separately, Galena Biopharma Inc. (NASDAQ:GALE) has reaffirmed its partnership with BioVascular Inc. for the development of GALE-401. The two companies have amended a previously signed license agreement to facilitate the development of the asset either through internal clinical development or by seeking a licensing partner.
GALE-401 is a controlled version of the approved drug anagrelide, for the treatment of elevated platelets in patients struggling with myeloproliferative neoplasms (MPNs). Given that it is a release formulation, GALE-401 is being developed with a view of reducing some of the side effects associated with anagrelide.
Galena Biopharma Inc. (NASDAQ:GALE) has already completed a majority of the work needed for the commencement of Phase 3 trials.
“GALE-401 is a Phase 3-ready asset, and this joint collaboration between Galena, SELLAS, and BioVascular endorses our mutual belief in the value of the program for patients with ET or other MPN disorders,” said Stephen F. Ghiglieri, Interim Chief Executive Officer.
According to BioVascular CEO, John H Parish, the combined company should be able to come up with a viable path for advancing the development of GALE-401.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Monica has an undergraduate degree in Accounting and an MBA she earned – with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.