Wednesday, July 18, 2012

Galena Bio (Nasdaq: GALE) +20% on U.S. Patent Issuance

Galena Bio (Nasdaq: GALE) +20% on U.S. Patent IssuanceShawshank, VA 7/18/12 (StreetBeat) – Galena Biopharma Inc (Nasdaq:GALE) has been issued a key patent from the U.S. Patent and Trademark Office (USPTO) covering the use of its product candidate, NeuVaxTM, for inducing immunity to breast cancer recurrence in patients having low-to-intermediate IHC levels of 1+ or 2+ and a FISH rating of less than 2.0. This patent strengthens NeuVax’s Intellectual Property and provides the company with exclusivity until 2028. As much as 80% of breast cancer patients who do not qualify for Herceptin ® Therapy represent a significant unmet medial need, of which NeuVax is trying to fulfill.

"As we continue to make progress with the clinical development of NeuVax, issuance of this patent from the USPTO underscores our commitment to support and advance our proprietary oncology pipeline," stated Mark J. Ahn, Ph.D., President and CEO.

Gale's stock has surged 20% following this news, up 35 cents to $2.06.

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