Galena Biopharma Inc (NASDAQ:GALE)’s board of directors has come under investigation, on charges of breach of fiduciary duty. The investigation has been initiated by Purcell Julie & Lefkowitz LLP. Unfortunately, the completed details of the investigation have not yet surfaced. However, shareholders of GALE can contact the law firm on their website to demand more information regarding the matter.
GALE recently attended the annual meeting of the American Society of Clinical Oncology, where it presented data from phase 1/2a clinical trial of GALE-301. The drug makes use of peptides derived from Folate Binding Protein, to act as an immunotherapy for cancer. The results showed that the drug is well tolerated amongst patients and even demonstrated that it could prevent recurrence of cancer in the patients.
The CMO at GALE, Bijan Nejadnik, stated that the positive results reaffirm the dedication of his company to prevent recurrence of cancer, in patients who have already received a standard treatment. He also clarified that the company intended to target patients who have no other options, rather than wait and watch.
Galena Biopharma also made progress with another one of its drugs, NeuVax. The company reported that the US FDA had designated the drug as a Fast Track development program, targeting patients with early stages of node positive breast cancer. The drug is currently in phase 3 of its clinical trials, which is being conducted on an international level.
Mr. Nejadnik clarified that the designation would allow the company to meet with FDA on a frequent basis, for review of the program and filing of the Biologics License Application. He also hinted that the drug might be eligible for a rolling review, given that the results from the phase 3 trial are positive. It should be noted here that Fast Track designations are awarded only to those drugs which have the potential to satisfy a life threatening unmet medical need.
Galena Biopharma Inc (NASDAQ:GALE) was trading at a share price of $2.02, at the end of the June 7 trading session, 4.27% lower as compared to the session before.