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12 May 2012

Galena and Teva ink new deal for NeuVax commercialisation in Israel

Teva will be responsible for commercialising Galena Biopharma's NeuVax product in the region.

Galena Biopharma has signed a commercialisation deal with Teva Pharmaceutical Industries for the commercialisation of NeuVax (nelipepimut-S or E75) in Israel.

NeuVax is designed to treat HER2- negative breast cancer in women who are ineligible for Herceptin and have achieved remission but have no other options to maintain their disease-free status.

Under the terms of the agreement, Teva Israel will be responsible for obtaining regulatory approval for NeuVax in Israel, as well as providing financial support for local development and commercialising the product.

Galena Biopharma, which specialises in developing targeted oncology treatments, will be eligible for sizeable royalty payments on future sales.

Dr Mark Ahn, the biotechnology company's president and chief executive officer, described the agreement as "the first piece of our global commercialisation strategy".

He said: "Teva is a world-class pharmaceutical company and a major pharmaceutical company in Israel. We look forward to their valuable financial support towards our development goals in Israel, as well as market leadership for NeuVax commercialisation in the region."

Four clinical trial sites for a phase-III study involving NeuVax will also be located in Israel.

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