Carlos, are you ready for the 1 for 30 REVERSE STOCK SPLIT? How many shares will that leave you with, 50 or less?
More litigation - more shareholder funds going up in smoke: "In a letter date May 16, 2017, the Company was advised by Midatech Pharma PLC (Midatech), the purchaser of Zuplenz, one of our former commercial products, that Zuplenz inventory held by Cardinal Health Inc. (Cardinal), a wholesaler, is approaching its expiration date. Midatech claims that under the Asset Purchase Agreement with the Company that such product needs to be returned. Cardinal, the wholesaler also claims that under an alleged agreement with the Company such product needs to be swapped with better dated Zuplenz product. Cardinal has not asserted the cost of the return. Midatech has advised that under the terms of the Asset Purchase Agreement, Midatech maintains that the cost of the return is $1.5 million and Galena needs to pay Midatech for the return."
Cash on June 31: $18M About $8M is payable to DOJ in the fraud case. About $1M is payable for the class action lawsuit. Net cash is really about $9M .... that's all!!!
Quarterly burn is about $6M. So, on Sept 30 only about $3M cash will remain. That means another DISCOUNTED DILUTIVE FINANCING will follow the REVERSE SPLIT. Now you are feeling the impact of the REVERSE SPLIT on the stock price. Soon you will feel the effect of the DISCOUNTED DILUTIVE FINANCING.
Note from Ghigli to Carlos and fellow baggies: "If the Proposed Merger is not completed, we may elect to liquidate our remaining assets, and there can be no assurances as to the amount of cash available to distribute to stockholders after paying our debts and other obligations. If we do not complete the Proposed Merger, the board of directors may elect to take the steps necessary to liquidate all of our remaining assets. The process of liquidation may be lengthy and we cannot make any assurances regarding the timing of completing such a process. In addition, we would be required to pay all of our debts and contractual obligations, and to set aside certain reserves for potential future claims. There can be no assurance as to the amount of available cash that will be available to distribute to stockholders after paying our debts and other obligations and setting aside funds for reserves, nor as to the timing of any such distribution."
GALE -401 gone POOF! "On April 27, 2017, we received a notice from BioVascular, Inc., the licensor of GALE-401 (BVI), of an alleged material breach of our Exclusive License Agreement with BVI, dated December 20, 2013 (BVI License Agreement). BVI maintains that we are in breach of Section 4.5 of the BVI License Agreement. Section 4.5 of the BVI License Agreement generally requires that we use "Commercially Reasonable Efforts" to pursue development and commercialization of a product. BVI claims we have not used "Commercially Reasonable Efforts" to commence a Phase 3 clinical trial of GALE-401. The BVI License Agreement defines "Commercially Reasonable Efforts" to mean "the carrying out of obligations or tasks in a manner consistent with the efforts a similarly situated bio-pharmaceutical company with sufficient resources devotes to research, development, and/or marketing of a pharmaceutical product or products of similar market potential, profit potential or strategic value resulting from its own research efforts or for its own benefit, taking into account technical, regulatory and intellectual property factors, target product profiles, product labeling, costs, economic return, the regulatory environment and competitive market conditions in the therapeutic or market niche, all based on conditions then prevailing."
Is there anyone out there who is not suing nor anyone not in a dispute with GALEscam?
$300,000 more gone POOF! "In addition, there is a qui tam action pending in the U.S. District Court of the District of New Jersey related to the investigation by USAO NJ and DOJ. On August 8, 2017, we reached an oral agreement with the attorneys for the relator in the qui tam action to settle their statutorily mandated attorney fees award by payment of $100,000 in cash and $200,000 in common stock subject to court approval which amounts are accrued as of June 30, 2017 and are presented in discontinued operations in the statement of operations."
NEVER buy REVERSE SPLIT dung, let alone TWICE Reverse Split dung. 1 for 20 followed by 1 for 30 = Pink Sheet crud.
$7.5M out the door - bye, bye. "Loss from discontinued operations during the first half of 2017 includes an accrual for a one-time $7.5 million civil payment settlement, which was recognized in the first quarter of 2017 in current liabilities of discontinued operations, related to the oral agreement in principle with the U.S. Attorney’s Office for the District of New Jersey (USAO NJ) and the Department of Justice (DOJ). The final terms and details of this settlement are subject to change pending the completion and execution of a definitive settlement agreement among Galena and the USAO NJ and DOJ. The agreement is anticipated to be a global settlement encompassing any potential claims that might be made by state and federal agencies. There is no assurance that the Galena will be able to complete a definitive settlement agreement on the final terms of the oral agreement in principle including its financial impact or any future adjustment to the financial statements."
Racism? What race are you, Carlos? Why attack other posters who didn't urge you to buy an overpriced bag? GALE gives losses. It's a sham run unscrupulous promoters. Your losses will grow larger. Run from this scam like Forest Gump - run like the insiders ran.
Do NOT trust JAMES
James/Carlos. Hows that cash position again? You recall that you ended every post with "i mantain that gale has enough cash to get thru the next milestone....bs bs bs "
"SAN RAMON, Calif. _ Galena Biopharma Inc. (GALE) on Monday reported a second-quarter loss of $8.4 million. The San Ramon, California-based company said it had a loss of 22 cents per share. In the final minutes of trading on Monday, the company's shares hit 37 cents. A year ago, they were trading at $8.44."
UGH!!!!!! Is this the crappppppppppiest stock of all?
You're destroying your money on a scam stock. You're destroying your credibility with childish name calling. Direct your anger at those who conned you into a worthless bag not at those who cautioned you about this sketchy outfit.
The second shoe has yet to fall. After the REVERSE SPLIT a massive DISCOUNTED DILUTIVE FINANCING will follow. The Bermuda outfit needs cash to fund trials.
Do NOT trust JAMES
Dont be conned again by Carlos/James. He lashes out at everyone and has been defrauding people here and on my-gale. He hasnt popped his head up over there yet but I guarantee that Carlos is James. He is too cowardly to admit hes wrong and has zero shame
Can you read English, Carlos? (a) each outstanding share of SELLAS will be converted into the right to receive shares of Galena Common Stock based on an exchange ratio specified in the Merger Agreement after giving effect to the REVERSE STOCK SPLIT discussed below:
an amendment of Galena’s certificate of incorporation to effect the REVERSE STOCK SPLIT at a ratio of 30-for-one or as otherwise mutually agreed by Galena and SELLAS;"
Carlos, the posters posting facts here, did not urge you to buy. James and pumpers did. Your recriminations should be directed at the scamming pumpers. Carlos, you have misdirected anger. You should thank those who warned investors about this scam operation run by sleaze bags who ripped off their own shareholders in the orchestrated Pump & Dump scheme. James was pumping this dog from well over $100.00 until recently. He conned moms and pops and you into this stock
DopeyDan is mixing up some Kool Aid for his followers to imbibe at DopeTown. First in line is James, followed by Carlos.
From today's PR: Mr. Ghiglieri concluded, “The merger with SELLAS and the steps involved in completing this merger, including a reverse split of our stock, are necessary to ensure that the combined entity continues to be listed on the NASDAQ Capital Market
Gullible saps holding bags are getting destroyed. Wake up and smell the dung in your bag.