Galena ups Abstral guidance but SEC investigation dampens the mood

|About: Galena Biopharma, Inc. (GALE)|By:, SA News Editor

Galena Biopharma (GALE) raises 2014 Abstral guidance to $11M - $15M from $8M - $12M.

Appoints veteran securities lawyer Irving M. Einhorn to the board of directors. Mr. Einhorn, a former SEC attorney, has over 40 years' experience in SEC enforcement, regulation, compliance and disclosure requirements. His role will be advising the company through its current legal entanglements.

The SEC is investigating the firm's relationship with the IR firm The Dream Team Group (10-K, page 41).

Consensus 2014 EPS estimate is a loss of $0.36/share on revenues of $12.6M.

Shares are down 9% on heavy volume in after hours trading.