I just read a patently false report on Barrons.com regarding Galena (GALE). It was posted by a contributor who copied and pasted what appears to be a press release from the Galena Underwriter, and Steve Kriegsman friend, the Maxim Group.
Beware that, if this story is audited, Ben Levisohn is a liar, and under the belief that his story is responsible for a "dead cat bounce" of GALE today. Maxim Group's Echo He would be in the same category if she was correctly quoted, unless you interpret her comments out 8 years.
They claim that Galena is working on a Ph3 SPA Trial with NeuVax. These PR maneuvers by the companies underwriters contain patently false and/or misleading information they attach investment value too. ALL easily researched as such by using a basic search at clinicaltrials.gov.
This claim comes directly from the 2013 Year End and 2014 Guidance Press Release & 10K filing. As they do with many things, they post vague commentary and guidance, so as to be "interpreted" and used by anyone to further their personal agenda.
In FACT, what the 2014 Guidance states is that Galena has a GOAL set to initiate a NeuVax Ph3 SPA (Special Protocol Analysis) with the FDA in 2014. With the credibility issues at hand, lawsuits burning cash, they have no hope of funding to completion a 700 person study under the strict constraints established for a very specific minority of Breast Cancer post treatment patients.
I cannot imagine a circumstance by which Galena, with current management will ever have the ability to raise the funding to bring to market a breakthrough Cancer Vaccine that already has a very dubious background, including being affective for a very small minority of a small minority of breast cancer victims.
I am personally sickened by the continual false PR being passed around as NEWS among Underwriters, Pumpers on Blogs, and likely management at Public Companies who are breaking the law. This is the same behavior I have witnessed FOX News perpetrating. In their case, a local affiliate will publish an "opinion" piece in the early morning, and by the evening "news," the National Syndicate is touting the story as TRUTH. In 12 hours, a placed lie becomes reality - and it seems that some greedy management folks are willing to do the same with our money, hope for cures, and need to feed their egos.
Following are the link to the Barrons.com article, and both the Galena and NeuVax pages at Clinicaltrials.gov:
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
Additional disclosure: I feel it necessary to continue daily reviews of all companies associated with Steve Kriegsman until such time that he is no longer a decision maker in the world of BioTech.