Dallas, Texas 03/18/2014 (FINANCIALSTRENDS) – Galena Biopharma Inc (NASDAQ:GALE) has announced the launch of its Galena Patient Services (GPS). According to the company’s reports GPS is a service offered by the company to facilitate access of its marketable products to the respective patients and to avail GPS service the patients can enroll with help of their certified prescriber. GPS will primarily help patents to locate preferred pharmacy, manage the appeals and denials, guide them on reimbursement support and provide guidance on benefits investigation and prior authorization process. According to company’s CEO and president, this program will significantly help patients on the long run. The company also stated, it will take services of a third party for coordinating the GPS, however stressed HIPAA (Health Insurance Portability and Accountability Act) privacy standards will maintained to protect patients personal data.
Galena Biopharma Inc (NASDAQ:GALE) Faces Law Suit in US.
According to the recent reports, Robbins Arroyo LLP have announced one of the investor in Galena Biopharma Inc has filed a federal securities fraud class action complaint in US DC for the District of Oregan charging the company had violated the Securities and Exchange Act of 1934 during the class period, November 6, 2013 and February 14, 2014. According to the charges, the company was involved in misleading the investors in a false brand awareness campaign. The charges states, Galena had hired investor relations firm, DreamTeamGroup to help promote company’s stock. It is alleged DreamTeamGroup published articles with positive comments on Galena using multiple assumed names to propogade false information in the market and help Galena promote and boost their stocks. During this period, it is also suspected company’s insiders benefitted immensely as part of insiders trading with company’s CEO selling $3.8 million dollars of Galena shares. When the company announced it had taken services of DreamTeamGroup, Galena shares witnessed a drop by 14%.