Did Galena Biopharma Inc (NASDAQ:GALE) Find Cure For Cancer Pain?
Very recently, Galena Biopharma Inc (NASDAQ:GALE) assimilated approximately $37M from its share offering even as it prepares for the Abstral launch. For those who stepped in late, Abstral is a sublingual pill that is used as a breakthrough treatment for cancer pain. This drug had been originally developed by Orexo. In March, Galena Biopharma Inc (NASDAQ:GALE) acquired the Abstral distribution and sales right. It is the 1st and only fentanyl sublingual medication that this used for management of breakthrough cancer-pain in patients who are opioid tolerant.
Investors are a little wary and have their reservations about whether Galena will be able to make inroads into a market that is already developed for TRIF’s. But one should not overlook the fact that this was the last drug in its segment to gain approval for distribution in the U.K and it still managed to grab 25% of the market share.
The market in the United States for TRIF’s is approximately in the range of $400M and it should not be difficult for Abstral to garner a decent segment of that market. The reason why the market for this drug is so massive is that 33% of all patients suffering from cancer are victims of the kind of pain. Also, 80% of all late-stage cancer patients suffer from this kind of pain and Abstral is one effective drug that has a ready market.
In Monday’s trading session, Galena Biopharma Inc (NASDAQ:GALE) rose by 9.62%. The company’s shares opened at a price of $2.17, climbed to an intraday high of $2.31 and dropped to a close of $2.28. Approximately 9.51 million shares were traded on Monday while an average volume of 2.91 million shares were traded over 30 days. The 52-week low of the shares is $1.23 while the 52-week high is $3.00. The company has a market capitalization of $192.50 Million.