Boston, MA 10/01/2013 (wallstreetpr) – After the successful launch of NeuVax drug, Galena Biopahrma Inc (NASDAQ:GALE) is all set to launch Abstral in the US drug market. For the US launch of Abstral, Galena has collected a total amount of $37 million from a share offering. Abstral is a sublingual drug for reducing cancer pain. This efficient drug was developed originally by Orexo Pharmaceuticals but Galena acquired the distribution rights to sell Abstral in the US back in march. Abstral is the first andonly fentanyl tablet that efficiently helps fighting cancer pain in the opioid tolerant patients.
According to many investors point of view, Galena Biopharma might not be able to gain success in the already successful markets for TRIFs. But according to Galena’s CEO Mr. Mark, this point is to be noted that Abstral was the last drug that was approved for distribution in the Europe and it captured a 25% market share.
Let’s see how things are shaping up for Galena after launching Abstral in the US drug market.
About Galena Biopharma Inc
Formerly RXi Pharmaceuticals Corporation, Galena Biopharma Inc is one of the leading biotechnology companies which primarily focus on discovering, manufacturing and commercializing different therapies that can address unmet medical requirements using targeted biotherapeutics. The firm is now working on the development of cancer therapeutics with the help of peptide based immunotherapy products. The major drug, NeuVaxTM is developed by the company that helps in treating breast cancers and other types of tumors efficiently.
NeuVax is based on peptide immunotherapy and intends to decrease the chances of breast cancer recurrence in the HER2 positive breast cancer patients (both low and intermediate). The phase 2 trial of NeuVax was successfully achieved by Galena and has reached the primary endpoint of DFS (disease free survival).
