Galena Biopharma (GALE) Misses Q3 EPS by 63c

Galena Biopharma (NASDAQ: GALE) reported Q3 EPS of ($0.70), $0.63 worse than the analyst estimate of ($0.07).

The Company also announced it has completed a strategic review of the organization and has elected to focus its efforts and financial resources exclusively on the continued development of its high value oncology pipeline led by NeuVax (nelipepimut-S), and divest its commercial business which consists of Abstral (fentanyl) Sublingual Tablets and Zuplenz (ondansetron) Oral Soluble Film.

For financial and accounting purposes, Galena has classified its commercial business activities as discontinued operations effective as of the third quarter, and the Company removes all revenue and expense guidance as it relates to its commercial business. Galena has engaged a financial advisor to provide strategic advice and a process to divest the commercial business, and the Company anticipates exiting the commercial business by the end of the first quarter of next year. Providers and patients will have ongoing access to both drugs until we have transitioned out of the business.

For earnings history and earnings-related data on Galena Biopharma (GALE) click here.

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