Dallas, Texas 02/21/2014 (FINANCIALSTRENDS) – The $411 million market capped Galena Biopharma Inc (NASDAQ:GALE) stock is going through a torrid time at the markets lately. It has shed close to 20 percent of its market valuation during trading in the past one week, ever since print media started publishing news reports that the management team of the development stage drug maker were trying to rid the share price of their company stock by colluding with alleged investment relations firms. The allegations which have been looked into by multiple analysts and has also led to law firms sending out notices kicking of formal investigations stem from the fact that the top executives in the firm were dumping their stock holdings in the market and were timing their sales to coincide with the positive write up the IR firm was churning out in quick succession. Since these charges made it to the online and print media early last week, the stock has taken a hammering at the stock market.
In his efforts to stem the loss in valuation of Galena Biopharma Inc (NASDAQ:GALE) stock, its Chief Executive Officer, Director and President Mark J. Ahn Ph.D sent out a note addressed to the share holders on 14th February. He has highlighted in his letter, the huge strides the company has made in the past year and has been quoted to have listed out the following developments, “Acquired Abstral(R) (fentanyl) sublingual tablets, implemented a commercial team, launched the drug in October 2013, and currently have approximately 5% of the branded market after only four months of launchInitiated our RELIEF Patient Registry trial for Abstral. Continued to progress our pivotal, Phase 3 PRESENT trial for NeuVax(TM) (nelipepimut-S) and added another commercial partnership with Dr. Reddy’s in India.”
The CEO has gone on to then directly refutes the allegations levelled by Adam Feuerstein of TheStreet.com which had triggered the entire episode.