After the close on the 6th of August scandal plagued Galena Biopharma (GALE) issued a press release detailing their earnings (or lack thereof) for the second quarter of 2015.
The full release is available here.
And in typical Galena fashion, even the very first bullet point is misleading. The company says:
Completed over-enrollment in the NeuVax Phase 3 PRESENT breast cancer immunotherapy clinical trial and presented encouraging data for GALE-301 and GALE-401 programs.
Today we’ll focus on the second bullet point, where Galena makes an easily disproved claim. The company says:
Launched Zuplenz(R) (ondansetron) Oral Soluble Film in the U.S. on July 29, 2015
Unfortunately for Galena, it is yet another lie. Zuplenz was first approved in the USA five years ago, in early July 2010. You can find the original approval documents available on the FDA website here. And, for your viewing pleasure, here is a chart of monthly Zuplenz sales since the product was launched commercially in the USA in October 2010.
Zuplenz, not a new compound, not a new drug, and not a success. Not at launch in 2010 and not now.
So why would Galena lie so blatantly, so obviously? Perhaps the answer is that they want to distract investors and the media from a devasting developement. Yesterday, on the 5th of August, Galena and affiliates were handed a stunning legal defeat in their attempt to dismiss a US District court case. Read the judges’ devastating 90 page opinion here.
Looking forward to dissecting more bullshit from Galena, as they spew it.