Galena Biopharma Announces Departure of Chief Financial Officer

SAN RAMON, Calif., Dec. 11, 2015 (GLOBE NEWSWIRE) -- Galena Biopharma, Inc. (NASDAQ:GALE), a biopharmaceutical company committed to the development and commercialization of targeted oncology therapeutics that address major unmet medical needs, today announced the departure of the Company's Chief Financial Officer (CFO), Mr. Ryan Dunlap, effective December 31, 2015. Mr. Dunlap was unable to relocate his family to the new Company headquarters in San Ramon, California and, therefore, has resigned as of the end of the year. In order to facilitate an orderly transition, the Company and Mr. Dunlap are negotiating a consulting arrangement. The Company has instituted a search for a CFO.

Mark W. Schwartz, Ph.D., President and Chief Executive Officer, commented, "On behalf of the management team and the Board of Directors, I would like to thank Ryan for his countless contributions to Galena. He has played a crucial role in our organization over the past several years and I wish him success in his future endeavors."

About Galena Biopharma

Galena Biopharma, Inc. is a biopharmaceutical company committed to the development and commercialization of targeted oncology therapeutics that address major unmet medical needs. Galena's development portfolio is focused primarily on addressing the rapidly growing patient populations of cancer survivors by harnessing the power of the immune system to prevent cancer recurrence. The Company's pipeline consists of multiple mid- to late-stage clinical assets, including novel cancer immunotherapy programs led by NeuVax™ (nelipepimut-S) and GALE-301. NeuVax is currently in a pivotal, Phase 3 clinical trial with several concurrent Phase 2 trials ongoing both as a single agent and in combination with other therapies. GALE-301 is in a Phase 2a clinical trial in ovarian and endometrial cancers and in a Phase 1b given sequentially with GALE-302. For more information, visit www.galenabiopharma.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the progress of the commercialization of our commercial products and development of Galena's product candidates, patient enrollment in our clinical trials, as well as other statements related to the progress and timing of our development activities, present or future licensing, collaborative or financing arrangements or that otherwise relate to future periods. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those identified under "Risk Factors" in Galena's Annual Report on Form 10-K for the year ended December 31, 2014 and most recent Quarterly Reports on Form 10-Q filed with the SEC. Actual results may differ materially from those contemplated by these forward-looking statements. Galena does not undertake to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date of this press release.

NeuVax is a trademark of Galena Biopharma, Inc.

CONTACT: Remy Bernarda
         SVP, Investor Relations & Corporate Communications
         (925) 498-7709
         [email protected]