Galena Biopharma Inc (NASDAQ:GALE) announced that the Company’s Board of Directors appointed Stephen F. Ghiglieri as Interim Chief Executive Officer, effective today. Mr. Ghiglieri will also continue to serve as the Company’s Chief Financial Officer.
“On behalf of the entire Board of Directors, we are pleased to appoint Stephen as our Interim CEO,” said, Sanford J. Hillsberg, Galena’s Chairman of the Board of Directors. “We believe his prior public company experience and oversight will prove valuable to Galena as we evaluate strategic alternatives for the company focused on maximizing stockholder value.”
“Over the course of my career, I have been involved with various companies that have gone through transitions and believe that my experience will be beneficial to all of our stakeholders as we seek an optimal outcome for Galena. I look forward to working with our Board of Directors and management team to ensure the company continues to execute as we identify opportunities to enhance our value,” added Mr. Ghiglieri.
Mr. Ghiglieri, joined Galena Biopharma in November 2016 after previously consulting for the company. He has more than 25 years in senior level finance and operational roles at both biotechnology and technology companies. Prior to Galena, Mr. Ghiglieri served as CFO of MedData Inc., a private equity backed healthcare services company that was sold to Mednax, a publicly traded national medical group. Previously, he spent nearly 10 years at NeurogesX, ending his tenure as the Company’s Executive Vice President, Chief Operating Officer and CFO. Prior to that he served as the CFO of Hansen Medical, Inc., a medical device company. He also held senior level finance positions at two other healthcare companies: Oacis Healthcare Systems, Inc., and Oclassen Pharmaceuticals, Inc. Additionally, he was the CFO and Corporate Secretary for two technology software companies: Avolent, Inc., and Andromedia, Inc. Mr. Ghiglieri began his career as an audit manager of PricewaterhouseCoopers, LLP. He received a Bachelor of Science in Business Administration from California State University, Hayward, where he graduated Magna Cum Laude. Mr. Ghiglieri is also a Certified Public Accountant (inactive).
Shares of Galena Biopharma are down nearly 2% to $0.70 in after-hours trading. GALE has a 1-year high of $49.80 and a 1-year low of $0.71. The stock’s 50-day moving average is $1.52 and its 200-day moving average is $1.20.
On the ratings front, GALE has been the subject of a number of recent research reports. In a report issued on February 6, FBR analyst Vernon Bernardino downgraded GALE to Hold, with a price target of $4.00, which represents a potential upside of 433% from where the stock is currently trading. On February 2, Maxim’s Jason McCarthy downgraded the stock to Hold.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Vernon Bernardino and Jason McCarthy have a yearly average loss of -14.1% and -13.3% respectively. Bernardino has a success rate of 26% and is ranked #4424 out of 4490 analysts, while McCarthy has a success rate of 36% and is ranked #4407.
Galena Biopharma, Inc. is a biopharmaceutical company committed to the development and commercialization of hematology and oncology therapeutics that address unmet medical needs. The company focuses on identifying and advancing therapeutic opportunities to improve cancer care from direct treatment of the disease to the reduction of its debilitating side effects. Its products include Abstral sublingual tablets and Zuplenz oral soluble film.