AN RAMON, Calif., Feb. 16, 2016 (GLOBE NEWSWIRE) -- Galena Biopharma, Inc. (the "Company"), (NASDAQ:GALE), a biopharmaceutical company committed to the development and commercialization of targeted oncology therapeutics that address major unmet medical needs, today announced that on February 4, 2016, the United States District Court for the District of Oregon (the "Court") issued an order preliminarily approving the proposed settlement by and among the Company, the Court-appointed co-lead plaintiffs, and all named defendants in the shareholder derivative action entitled In Re Galena Biopharma, Inc. Derivative Litigation, Case No. 3:10cv00382SI (the "Settlement"). A hearing to determine whether the Court should issue an order of final approval of the Settlement has been scheduled for April 21, 2016, at 11:00 a.m. in Courtroom 13B of the Mark O. Hatfield U.S. Courthouse, 1000 SW Third Avenue, Portland, Oregon. Pursuant to the Court's order, any objections to the Settlement must be filed in writing with the Clerk of the Court at least fourteen (14) days before April 21, 2016. Pursuant to the Court's order, any such objections must comply with the terms and conditions set forth in the Notice to Current Galena Stockholders (the "Notice"), which is further described below.