Galena Biopharma Appoints Mark W. Schwartz, Ph.D., as President and Chief Executive Officer

Galena Biopharma Appoints Mark W. Schwartz, Ph.D., as President and Chief Executive Officer

PORTLAND, Ore., Aug. 21, 2014 (GLOBE NEWSWIRE) -- Galena Biopharma,
Inc. (Nasdaq:GALE), a biopharmaceutical company developing and
commercializing innovative, targeted oncology treatments that address
major medical needs across the full spectrum of cancer care, today
announced that Mark W. Schwartz, Ph.D., has been appointed as President
and Chief Executive Officer, effective immediately. Dr. Schwartz was
previously Galena's Executive Vice President and Chief Operating
Officer. He replaces Mark J. Ahn, Ph.D. who has resigned as the
President and CEO and as a director of the company to pursue other long
held personal and professional goals. It is expected that Dr. Schwartz
will also be appointed to Galena's Board of Directors.

"Dr. Schwartz brings more than 30 years of experience in the
biotechnology and life science industry, and on behalf of the Board of
Directors, I am pleased to announce his appointment as President and
CEO of Galena," said Sanford J. Hillsberg, Chairman of the Board of
Directors of Galena. "As the former CEO of Apthera when it was
purchased by Galena, Mark has been involved with our lead development
asset, NeuVax, since 2010. During his time at Galena, Mark has worked
across all of the company's programs and has also managed intellectual
property efforts, acquisitions, and partnerships. He also oversaw the
initiation of our commercialization efforts. We believe Mark's
experience, commitment, integrity and focus will provide excellent
leadership for the company."

Mr. Hillsberg added, "We are grateful for Mark Ahn's seven years of
service with Galena as a member of the Board of Directors, and as
President and CEO for the past three years. Mark's leadership moved
Galena from a pre-clinical company to a fully integrated, revenue
generating organization with a broad and diverse pipeline, establishing
the base from which we can continue to grow."

"I am grateful to the Board of Directors for this opportunity and am
excited to lead our talented and dedicated team. Galena's corporate
strategy, with two commercial products and multiple promising and
innovative development programs, provides a solid basis for long-term
value. I am passionate about our prospects, and look forward to working
for the benefit of patients, physicians, and shareholders," said Dr.

Dr. Schwartz brings more than 30 years of experience in the
biotechnology and life science industry and was appointed Executive
Vice President and Chief Operating Officer in 2011 following Galena's
acquisition of Apthera, Inc. where he served as the company's President
and Chief Executive Officer. Prior to Apthera, Dr. Schwartz served for
five years as President and CEO of Bayhill Therapeutics, a company
developing an innovative DNA vaccine platform for the treatment of
autoimmune diseases where he completed a successful partnership with
Genentech for the development of the company's Type 1 diabetes vaccine.
He had also served as President and CEO of Calyx Therapeutics, which
expanded significantly, and completed key Phase 1 and Phase 2
international clinical trials of novel anti-inflammatory compounds
during his tenure. Earlier in his career, Dr. Schwartz held a range of
positions in R&D, marketing, sales, business development and executive
management at Trega BioSciences, Incyte Genomics, Synteni, Tripos Inc.,
Applied Biosystems and DuPont Diagnostics.

Dr. Schwartz is currently on the advisory board for BayBio, a Director
of Targazyme Pharmaceuticals, and is on the faculty of San Jose State
University in the Masters of Biotechnology Program. He is also a former
Board member of the Biotechnology Industry Association. Dr. Schwartz
received his Bachelor of Arts in Chemistry from Grinnell College and
his Ph.D. in Chemistry from Arizona State University.

About NeuVax(TM) (nelipepimut-S)

NeuVax(TM) (nelipepimut-S) is the immunodominant nonapeptide derived
from the extracellular domain of the HER2 protein, a well-established
target for therapeutic intervention in breast carcinoma. The
nelipepimut-S sequence stimulates specific CD8+ cytotoxic T lymphocytes
(CTLs) following binding to HLA-A2/A3 molecules on antigen presenting
cells (APCs). These activated specific CTLs recognize, neutralize and
destroy, through cell lysis, HER2 expressing cancer cells, including
occult cancer cells and micrometastatic foci. The nelipepimut immune
response can also generate CTLs to other immunogenic peptides through
inter- and intra-antigenic epitope spreading. NeuVax is currently in an
international, Phase 3 PRESENT (Prevention of Recurrence in
Early-Stage, Node-Positive Breast Cancer with Low to Intermediate HER2
Expression with NeuVax Treatment) study under a Special Protocol
Assessment (SPA) granted by the U.S. Food and Drug Administration
(FDA). Additional information on the PRESENT trial can be found at A randomized, multicenter investigator sponsored, 300
patient Phase 2b clinical trial is also enrolling patients to study
NeuVax in combination with Herceptin(R) (trastuzumab; Genentech/Roche).

About Galena Biopharma

Galena Biopharma, Inc. (Nasdaq:GALE) is a biopharmaceutical company
developing and commercializing innovative, targeted oncology
therapeutics that address major medical needs across the full spectrum
of cancer care. Galena's development portfolio ranges from mid- to
late-stage clinical assets, including a robust immunotherapy program
led by NeuVax(TM) (nelipepimut-S) currently in an international, Phase
3 clinical trial. The Company's commercial drugs include Abstral(R)
(fentanyl) Sublingual Tablets and Zuplenz(R) (ondansetron) Oral Soluble
Film. Collectively, Galena's clinical and commercial strategy 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. For more information, visit

Forward-Looking Statements

This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Such
statements include, but are not limited to, statements about the
progress of Galena's commercialization and development activities, as
well as statements about our expectations, plans and prospects. These
forward-looking statements are subject to a number of risks,
uncertainties and assumptions, including those identified under "Risk
Factors" in Galena's Annual Report on Form 10-K for the year ended
December 31, 2013 and most recent Quarterly Reports on Form 10-Q filed
with the SEC. Actual results may differ materially from those
contemplated by these forward-looking statements. Galena does not
undertake to update any of these forward-looking statements to reflect
a change in its views or events or circumstances that occur after the
date of this press release.

CONTACT: Remy Bernarda
         VP, Marketing & Communications
         (503) 405-8258
         [email protected]