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Galena Biopharma Announces Closing of Over-Allotment Option, Increasing Total Gross Proceeds to $40 Million



Galena Biopharma Announces Closing of Over-Allotment Option, Increasing Total
Gross Proceeds to $40 Million

PORTLAND, Ore., Sept. 23, 2013 (GLOBE NEWSWIRE) -- Galena Biopharma, Inc.
(Nasdaq:GALE), a biopharmaceutical company developing and commercializing
innovative, targeted oncology treatments that address major unmet medical
needs to advance cancer care, today announced the closing of the exercise in
full of the underwriters' option to purchase an additional 2,625,000 shares of
common stock of Galena. As previously announced, as part of the firm
commitment underwritten offering that was closed on September 18, 2013, Galena
granted the underwriters a 30-day option to purchase up to 2,625,000 shares of
common stock and/or warrants to purchase up to 918,750 shares of common
stock. The underwriters have exercised their over-allotment option in full to
include the purchase of additional shares in addition to the previously
announced exercise of the warrants over-allotment option. The additional gross
proceeds to Galena as a result of the exercise of the option with respect to
the shares are approximately $5.2 million.

The net proceeds to Galena from the offering, including from the exercise in
full of the over-allotment options, are expected to be approximately $37.6
million, after deducting underwriting discounts and commissions and estimated
offering expenses payable by Galena.

Oppenheimer & Co. Inc. acted as the sole book-running manager for the
offering. JMP Securities LLC, Roth Capital Partners, Maxim Group LLC, MLV &
Co., and Noble Financial Capital Markets acted as co-managers.

Galena intends to use the net proceeds of the offering for the
commercialization of its first commercial product, Abstral® (fentanyl)
Sublingual Tablets, and its ongoing Phase 3 NeuVax™ (nelipepimut‑S) PRESENT
(Prevention of Recurrence in Early-Stage, Node-Positive Breast Cancer with Low
to Intermediate HER2 Expression with NeuVax Treatment) clinical trial, other
clinical trials of its product candidates, and general corporate purposes.

The securities described above were issued by Galena pursuant to a "shelf"
registration statement on Form S-3 previously filed with the Securities and
Exchange Commission (SEC), which the SEC declared effective on June 12, 2013.
A prospectus supplement and accompanying prospectus related to the offering
was filed with the SEC on September 13, 2013. Copies of the prospectus
supplement and the accompanying prospectus relating to this offering may be
obtained by contacting Oppenheimer & Co. Inc., Attention: Syndicate Prospectus
Department, 85 Broad Street, 26th Floor, New York, NY 10004, or by telephone
at (212) 667-8563, or by email at EquityProspectus@opco.com.

About Galena Biopharma

Galena Biopharma, Inc. is a Portland, Oregon-based biopharmaceutical company
developing and commercializing innovative, targeted oncology treatments that
address major unmet medical needs to advance cancer care. For more
information, please visit us at www.galenabiopharma.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, including statements
regarding the intended use of proceeds from the offering and statements about
the progress of the commercialization of Abstral and development of the
company's product candidates. These forward-looking statements also are
subject to risks, uncertainties and assumptions, including those detailed from
time to time in the company's filings with the SEC, and represent the
company's views only as of the date they are made and should not be relied
upon as representing the company's views as of any subsequent date. The
company's actual results may differ materially from those contemplated by
these forward-looking statements. The company 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
         Senior Director, Communications
         +1 (503) 405-8258
         rbernarda@galenabiopharma.com

Galena Biopharma, Inc.
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