February 29, 2012

Galena Biopharma Announces Expansion of Scientific Advisory Board

LAKE OSWEGO, Ore., Feb. 29, 2012 (GLOBE NEWSWIRE) -- Galena Biopharma (Nasdaq:GALE), a biotechnology company focused on developing innovative, targeted oncology treatments addressing major unmet medical needs to advance cancer care, today announced the appointment of David A. Scheinberg, M.D., Ph.D. to the Company's Scientific Advisory Board (SAB).

"We are excited to work with Dr. Scheinberg and believe that his expertise in immunotherapies, specifically, oncogene peptide vaccines, will be invaluable as we continue to make advances in cancer care," said Mark J. Ahn, Ph.D., President and CEO. "We look forward to building a world-class SAB with renowned experts in the cancer immunotherapy field and are pleased to welcome Dr. Scheinberg."

Dr. Scheinberg is Memorial Sloan-Kettering Cancer Center's Vincent Astor Chair and is Chair of the Molecular Pharmacology and Chemistry Program in the Sloan-Kettering Institute. He also founded and chairs the Experimental Therapeutics and the Nanotechnology Centers at Memorial Sloan-Kettering and is a member of the Leukemia Service. Dr. Scheinberg also holds the position of Professor of Medicine and Pharmacology, Weill-Cornell Medical College. He has been a Director of Progenics Pharmaceuticals Inc. since 1996 and has been a member of their scientific advisory board since 1994. He is also a Director of Contrafect, Inc. He serves as scientific advisor to Actinium Pharmaceuticals Inc., Ensysce Biosciences and OncoPep Inc. He holds a B.A. from Cornell University, and an M.D. and a Ph.D. in Pharmacology and Experimental Therapeutics from The Johns Hopkins University School of Medicine.

About NeuVax™

NeuVax™ is a peptide-based immunotherapy intended to reduce the recurrence of breast cancer in low-to-intermediate HER2-positive breast cancer patients not eligible for trastuzumab (Herceptin®; Genentech/Roche). NeuVax is an immunotherapy that stimulates the immune system to actively seek out and selectively kill cancer cells. NeuVax directs "killer" T-cells to target and destroy cancer cells that express HER2/neu, a protein associated with epithelial tumors in breast, ovarian, pancreatic, colon, bladder and prostate cancers. NeuVax has been shown to be most effective in patients with low-to-intermediate HER2/neu expressers with HLA type A2+ or A3+. We believe that approximately 25,000-40,000 of the approximately 200,000 women diagnosed with breast cancer in the United States each year meet these criteria.

NeuVax is comprised of two components: a HER2/neu-derived peptide called E75 and the immune adjuvant GM-CSF. E75 is a nine‑amino acid sequence that is immunogenic (produces an immune response) and GM-CSF is a commercially available protein that acts to stimulate and activate components of the immune system such as macrophages and dendritic cells.

According to the National Cancer Institute, over 200,000 women in the U.S. are diagnosed with breast cancer annually. Of these women, about 75% test positive for HER2 (IHC 1+, 2+ or 3+). Only 25% of all breast cancer patients, those with HER2 3+ disease, are eligible for Herceptin® (trastuzumab; Roche-Genentech). NeuVax targets the remaining 50% of the low-to-intermediate HER2 breast cancer patients (often referred to as HER2-negative, not eligible for Herceptin) who achieve remission with current standard of care, but have no available HER2-targeted adjuvant treatment options to maintain their disease-free status.

About Galena Biopharma

Galena Biopharma, Inc. (Nasdaq:GALE) is a Portland, Oregon-based biopharmaceutical company that develops innovative, targeted oncology treatments that address major unmet medical needs to advance cancer care. For more information please visit us at www.galenabiopharma.com.

The Galena Biopharma, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=10647

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 possible clinical benefits, expectations, plans and prospects of the development of NeuVax and Galena's other new product candidates. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including the risks that the anticipated benefits of the announced transactions are not achieved and that the proposed spin-off is delayed or is never completed, as well as the risks, uncertainties and assumptions relating to the development of Galena's new product candidates, including those identified under "Risk Factors" in Galena's most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q and in other filings Galena periodically makes 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 presentation.

CONTACT: Madeline Hatton

         Toll free: +1 (855) 855-GALE (4253), ext. 109

         info@galenabiopharma.com

         

         or

         

         Remy Bernarda

         IR Sense, LLC

         +1 (503) 400-6995

         remy@irsense.com


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