Galena stock jumps with NeuVax patent
Galena Biopharma's ($GALE) shares jumped a cool 35% when the company received a patent granting its breast cancer vaccine exclusivity until 2028.
As of Wednesday morning, the shares were up 19%, at $2.04, according to Reuters.
The Lake Oswego, OR-based biotech landed the key patent for NeuVax, its HER2/neu peptide vaccine for inducing immunity to breast cancer recurrence in patients having low-to-intermediate IHC levels of 1+ or 2+ and a FISH rating of less than 2.0, according to a release. At a large biotech, patent wins often pass without much fanfare, but the NeuVax patent carries lots of weight for Galena because it's the small company's lead product in development.
"As we continue to make progress with the clinical development of NeuVax, issuance of this patent from the USPTO underscores our commitment to support and advance our proprietary oncology pipeline," said Mark J. Ahn, Galena president and CEO.
Nearly 230,000 women and more than 2,100 men suffer from breast cancer in the United States, according to the National Cancer Institute.
- read the Reuters article
- see the release
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