Galena Q1 net loss $11.7M; two legal issues resolved; shares off 6% after hours

|By:, SA News Editor

Galena Biopharma's (NASDAQ:GALE) net loss for Q1 narrowed to ($11.7M) from ($16.5M) while its unrestricted cash balance improved 52% to $27.6M.

CEO Stephen Ghiglieri says the company has reached agreements with the SEC, U.S. Attorney's Office for the District of New Jersey and the U.S. Department of Justice to settle investigations into its Abstral (fentanyl) promotional practices.

The company's previously announced review of strategic alternatives, including an outright sale or merger, is ongoing.

Shares are down 6% after hours on light volume.

Previously: Galena subject in criminal investigation into Abstral promotional practices; shares off 18% premarket (Jan. 9)