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Galena Biopharma to assess strategic alternatives; CEO resigns

Mark Schwartz resigned as president, CEO and member of the board of Galena Biopharma Inc., effective Jan. 31.

The board is expected to appoint an interim CEO in the next couple weeks.

In addition, the board is in the process of engaging an independent advisory firm to assess strategic alternatives to maximize stockholder value.

Potential strategic alternatives to be explored as part of this review include continuing to advance the clinical programs as a stand-alone entity; a sale of the company; a business combination, merger or reverse merger; and a license or other disposition of corporate assets of the company.