2 BIO Stocks News: (NASDAQ:GALE), (NYSE:NAVB)
New York, NY -- (ReleaseWire) -- 03/19/2013 --Galena Biopharma, Inc. (NASDAQ:GALE) announced it has entered into an agreement with Orexo AB (ORX.ST), an emerging specialty pharmaceutical company based in Sweden, to acquire Abstral(R) (fentanyl) Sublingual Tablets for sale and distribution in the United States.
Abstral is an important new treatment option for inadequately controlled breakthrough cancer pain (BTcP) in patients who are already receiving, and who are tolerant to, opioid therapy for their persistent baseline cancer pain.
Abstral was approved by the U.S. Food and Drug Administration (FDA) in January 2011.
Under the terms of the agreement, Galena Biopharma will pay Orexo $10 million upfront and $5 million within the first twelve months of closing, plus low double digit royalties and one-time milestone payments based on pre-specified net sales.
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Navidea Biopharmaceuticals, Inc. (NYSE:NAVB) announced last week that U.S. Food and Drug Administration (FDA) approval of Lymphoseek® (technetium Tc 99m tilmanocept) Injection, a novel product indicated for use in lymphatic mapping procedures to assist in the localization of lymph nodes draining a primary tumor in patients with breast cancer or melanoma. Lymphoseek is a receptor targeted radiopharmaceutical designed to identify these lymph nodes which have the highest probability of harboring cancer and thereby assist physicians in the staging of such patients.
The approval of Lymphoseek is based on data from more than 540 subjects receiving Lymphoseek. Lymphoseek will be sold and distributed in the U.S. on an exclusive basis by Cardinal Health, Inc.
Navidea Biopharmaceuticals, Inc., a biopharmaceutical company, engages in the development and commercialization of precision diagnostics and radiopharmaceutical agents.
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