May 3, 2012

“With her outstanding background as an oncology physician and scientist, as well as a biopharmaceutical company executive in small and large companies, Dr. Mazanet brings a wealth of knowledge, expertise and insight to Galena’s management team, ” said Mark J. Ahn, Ph.D., President and CEO. “Her experience and leadership will be instrumental in driving our clinical programs, coordinating with our Scientific Advisory Board and site investigators, and communicating our mission among advocacy groups.”

Dr. Mazanet is an oncologist with extensive drug development experience, who has also served as a life sciences investment professional and biopharmaceutical executive. She has served as a partner at Apelles Investment Management, LLC; and led consulting engagements for life sciences companies. Previously, Dr. Mazanet was a General Partner, Director of Research and Chief Scientific Officer of Oracle Partners, LP. Before that, Dr. Mazanet also led clinical research in oncology and infectious disease at Amgen, Inc.

Dr. Mazanet received her M.D. and Ph.D. from the University of Pennsylvania School of Medicine, trained in Internal Medicine at the Brigham and Women’s Hospital, and trained in Oncology at the Dana Farber Cancer Institute, both in Boston. She is a Charter Member of the University of Pennsylvania Medicine Board of Trustees and Executive Committee for the Health System.

About Galena Biopharma

Galena Biopharma, Inc. (Nasdaq:GALE) is a Portland, Oregon-based biopharmaceutical company that develops innovative, targeted oncology treatments that address major unmet medical needs to advance cancer care. For more information please visit us atwww.galenabiopharma.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the possible clinical benefits, expectations, plans and prospects of the development of NeuVax and Galena’s other new product candidates. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those identified under “Risk Factors” in Galena’s most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q and in other filings Galena periodically makes with the SEC. Actual results may differ materially from those contemplated by these forward-looking statements. Galena does not undertake to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date of this presentation.

CONTACT: Madeline Hatton
Toll free: +1 (855) 855-GALE (4253), ext. 109
info@galenabiopharma.com

or

Remy Bernarda
IR Sense, LLC
+1 (503) 400-6995
remy@irsense.com