Company Update (NASDAQ:GALE): Galena Biopharma Inc Appoints Mary Ann Gray, Ph.D., to Its Board of Directors

Galena Biopharma Inc (NASDAQ:GALE), a biopharmaceutical company committed to the development and commercialization of targeted oncology therapeutics that address major unmet medical needs, today announced the appointment of Mary Ann Gray, Ph.D. to the Company’s Board of Directors effective immediately.  Dr. Gray will be listed in Galena’s 2016 Proxy and will be a nominee for election, at the Company’s Annual Meeting of Stockholders.

Dr. Gray has an extensive background both as a scientist as well as an analyst and portfolio manager for more than $1 billion in healthcare investments. She is an experienced corporate director for both public and private companies encompassing every stage of development from pre-clinical to commercial.  Among her attributes, Dr. Gray combines financial acumen, serving as an audit committee chair for several companies, and has robust experience helping companies navigate the transition from clinical-stage to commercial-ready.

“We are delighted to welcome Mary Ann Gray to our Board of Directors where her scientific background, positions at leading pharmaceutical companies and institutions, and her buy-side and sell-side experience will have an invaluable impact on the success of Galena,” stated Mark W. Schwartz, Ph.D., President and Chief Executive Officer.  “Dr. Gray is our first female board member, adding new perspectives to our Board as we continue to expand our portfolio of women’s oncology indications. She has been a champion of NeuVax™ for many years, and we look forward to her guidance and expertise as we advance our programs.”

Dr. Gray is President of Gray Strategic Advisors, LLC, which provides strategic advice to both public and private biotechnology companies. Previously, she spent three and a half years with the Federated Kaufmann Fund focusing on both public and private healthcare investments. Prior to joining the Kaufmann Fund, Dr. Gray was a sell-side biotechnology analyst for nine years with Raymond James, Warburg Dillon Read, and Kidder Peabody. Earlier in her career, Dr. Gray held scientific positions at Schering Plough and NeoRx, managed pre-clinical toxicology studies for the National Cancer Institute through Battelle Memorial Institute, and worked in a hospital laboratory.

Dr. Gray currently serves on the board of directors of several publicly traded biotechnology companies. At Acadia Pharmaceuticals she serves as chairman of the audit committee and on the compensation committee. At TetraLogic, Inc. and Juniper Pharmaceuticals she is chair of the respective audit committees, and at Senomyx, Inc., she is chair of the compensation committee and is a member of the audit committee. Previously, Dr. Gray also served on the boards of Dyax Corp., GTC Biotherapeutics, Inc., Telik, and Apthera, Inc. (private). Dr. Gray has a Ph.D. in Pharmacology from the University of Vermont where she focused on novel chemotherapeutic agents for the treatment of cancer, and she received her B.S. in biology from the University of South Carolina. She completed her postdoctoral work at Northwestern University Medical School and Yale University School of Medicine.

“Since my academic career, I have maintained a focus in oncology, and I am thrilled to bring this passion to Galena as a member of the Board of Directors.  As a long-term shareholder in the Company, I have believed in NeuVax for over seven years and have closely monitored its development from an early stage asset to its now significantly expanded portfolio of clinical trials.  I am grateful for this opportunity to join the company at this critical time as NeuVax is approaching its pivotal endpoint,” added Mary Ann Gray, Ph.D.

“In addition to her work experience, Dr. Gray has played critical roles on the audit and compensation committees of the public biotechnology boards on which she serves.  We welcome her broad array of skill sets to enrich the knowledge and depth of our board,” concluded Sanford J. Hillsberg, Chairman of the Board, Galena Biopharma.(Original Source)

Shares of Galena closed yesterday at $1.40, down $0.02 or -1.41%. GALE has a 1-year high of $2.39 and a 1-year low of $0.59. The stock’s 50-day moving average is $1.25 and its 200-day moving average is $1.26.

On the ratings front, Galena has been the subject of a number of recent research reports. In a report issued on April 21, FBR analyst Vernon Bernardino reiterated a Buy rating on GALE, with a price target of $1.50, which implies an upside of 7.1% from current levels. Separately, on March 14, Roth Capital’s Joseph Pantginis reiterated a Buy rating on the stock and has a price target of $5.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Vernon Bernardino and Joseph Pantginis have a total average return of -15.8% and 1.6% respectively. Bernardino has a success rate of 33.9% and is ranked #3795 out of 3829 analysts, while Pantginis has a success rate of 38.5% and is ranked #1095.

Galena Biopharma, Inc. engages as a biopharmaceutical company committed to the development and commercialization of targeted oncology therapeutics that address major unmet medical needs. It 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 (fentanyl) sublingual tablets and Zuplenz (ondansetron) oral soluble film. The company was founded by Craig Mello on April 3, 2006 and is headquartered in San Ramon, CA.

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