Galena Biopharma Inc (NASDAQ:GALE) will now commercialize the NeuVax in Israel

  on Dec 05,2012 Posted in Business News ,Finance
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Galena Biopharma Inc (NASDAQ:GALE) traded higher on Tuesday after declaring that it has inked a deal with a subsidiary of Teva Pharmaceutical Industries Limited (NYSE:TEVA) in order to commercialize the NeuVax (nelipepimut-S or E75) in Israel.

Under the terms of the deal, Teva Israel will be responsible for regulatory registration in Israel, give financial assistance for local development, and will commercialize the product in the region. Certain financial terms were kept secret, but the agreement enables for noteworthy royalty payments to Galena Biopharma on future sales.

The company said Israel is expected to be the location of more than four clinical trial sites for the NeuVax Phase 3 PRESENT or Prevention of Recurrence in Early-Stage, Node-Positive Breast Cancer with Low-to-Intermediate HER2 Expression with NeuVax Treatment study.

Galena Biopharma Inc (NASDAQ:GALE) kept volume of 7.82 million shares which was higher than its average volume of 2.07 million shares. The stock after opening at $2.25 touched high price of $2.43 and settled at $2.24 after gaining 9.80%.

In the liquidity ratios, the company booked 1.62 as current ratio. The Company had overall cash of $15.42 million at hand and a book value per share as $0.21 in the most recent quarter.

Measuring Galena Biopharma Inc.’s competitiveness with another firm across its sector, GALE stock is ahead from its 200 day moving average with 35.91% while the stock is moving forward from SMA50 with 19.73% and traded at lowest level during the previous trading session at $2.22.

Shares of the company hit the 52 weeks low range with $0.36 per share while its 52 weeks high level was $3.54, which compares with last trade ending price of $2.24.

Its competitors Celgene Corporation (NASDAQ:CELG) shares were up from 200 day moving average of 9.44% and traded as low as $78.82 per share in the last session and Verastem Inc (NASDAQ:VSTM) shares were down from 200 day moving average of -30.38% and traded as low as $227.59 per share in the last session.



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