GALENA BIOPHARMA, INC. (NASDAQ:GALE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
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Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
Directors appointed Mr. Stephen F. Ghiglieri, 55, its Executive
Vice President and Chief Financial Officer, as the Companys
Interim Chief Executive Officer, effective February 21, 2017. On
February 21, 2017, the Company and Mr. Ghiglieri amended (the
Ghiglieri Amendment) the employment agreement between the Company
and Mr. Ghiglieri dated November 1, 2016, to provide that during
the term Mr. Ghiglieri is the Interim Chief Executive Officer to
(i) change Mr. Ghiglieris base salary from $370,000 to $450,000 a
year, (ii) change Mr. Ghiglieris target bonus from 30% to 50% of
base salary (to be awarded in the discretion of the Board), and
(iii) increase Mr. Ghiglieri severance from 6 to 12 months of
base salary if Mr. Ghiglieri is terminated from his employment
without cause. Mr. Ghiglieri will also continue to serve as the
Companys Chief Financial Officer.
in its entirety by the Ghiglieri Amendment, which is filed as
Exhibit 10.1 on this Current Report on Form 8-K and is
incorporated herein by reference.
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Item 9.01
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Financial Statements and Exhibits
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10.1
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Amendment to Employment Agreement between Galena
Biopharma, Inc. and Stephen Ghiglieri, dated as of February 21, 2017. |
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99.1
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Press release of Galena Biopharma, Inc. issued on
February 21, 2017. |
About GALENA BIOPHARMA, INC. (NASDAQ:GALE)
Galena Biopharma, Inc. is a biopharmaceutical company. The Company focuses on developing and commercializing targeted oncology therapeutics that address unmet medical needs. The Company’s development portfolio ranges from mid- to late-stage clinical assets, including cancer immunotherapy program led by NeuVax (nelipepimut-S), GALE-301 and GALE-302. The Company’s NeuVax is in Phase III breast cancer clinical trial with several concurrent Phase II trials ongoing both as a single agent and in combination with other therapies. GALE-301 is in a Phase IIa clinical trial in ovarian and endometrial cancers and in a Phase Ib clinical trial given sequentially with GALE-302. The Company’s therapies utilize an immunodominant peptide combined with the immune adjuvant, recombinant human granulocyte macrophage-colony stimulating factor (rhGM-CSF, Leukine), and work by harnessing the patient’s own immune system to seek out and attack any residual cancer cells. GALENA BIOPHARMA, INC. (NASDAQ:GALE) Recent Trading Information
GALENA BIOPHARMA, INC. (NASDAQ:GALE) closed its last trading session down -0.034 at 0.716 with 1,250,129 shares trading hands.