Galena Biopharma Shares Jump 26% After News That Drug Will Enter Late-stage Trial

Galena Biopharma Inc. shares jumped 25.5% in pre-market trade Wednesday after the company said its GALE-401 drug would enter a phase 3 trial. Galena said it had a "productive" meeting with the Food and Drug Administration confirming that the drug and clinical trial were appropriate for a new drug filing with the regulator. GALE-401 is being developed to treat essential thrombocythemia, a rare blood disorder. The phase 3 trial is planned to start during the second quarter of 2017, the company said. Galena shares have dropped 93.3% year-to-date, compared with a 11.0% rise in the S&P 500 . Galena shares were valued at $1.96 as of Tuesday's close.