Galena Biopharma Notified That RXi Pharmaceuticals' Common Stock to Commence Trading Under Ticker Symbol "RXII"

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| Source: Galena Biopharma

LAKE OSWEGO, Ore., May 10, 2012 (GLOBE NEWSWIRE) -- Galena Biopharma (Nasdaq:GALE), a biotechnology company focused on developing innovative, targeted oncology treatments addressing major unmet medical needs to advance cancer care, was notified that RXi Pharmaceuticals' common stock is scheduled to commence trading under the symbol "RXII."

RXi Pharmaceuticals Corporation (OTCBB: RXII.OB) announced today that the Financial Industry Regulatory Authority, Inc., also known as FINRA, has approved RXi Pharmaceuticals' common stock for trading under the stock symbol "RXII" on the OTC Bulletin Board. RXi Pharmaceuticals anticipates its stock will be eligible for trading commencing today, May 10, 2012.

The listing of RXi Pharmaceuticals' stock completes its spin-off into an independent, publicly-traded company from former parent Galena Biopharma, Inc. (Nasdaq:GALE). The spin-off transaction was previously announced by Galena in September 2011, and, on April 26, 2012, Galena paid a dividend of one share of RXi Pharmaceuticals common stock for each outstanding share of Galena common stock. 

World Trade Financial Corporation is acting as the initial market maker for the trading of RXi Pharmaceuticals' common stock. World Trade Financial Corporation can be contacted at (619) 325-2620 or at www.worldtradefinancial.com.

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 at www.galenabiopharma.com.

The Galena Biopharma, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=10647

About RXi Pharmaceuticals

RXi Pharmaceuticals Corporation (OTCBB: RXII.OB) is a biotechnology company focused on discovering, developing and commercializing innovative therapies based on its proprietary, next-generation RNAi platform. Therapeutics that use RNA interference, or "RNAi," have great promise because of their ability to "silence," or down-regulate, the expression of a specific gene that may be overexpressed in a disease condition. Building on the pioneering work of scientific founder and Nobel Laureate Dr. Craig Mello, RXi's first RNAi product candidate, RXI-109, which targets CTGF (connective tissue growth factor), is scheduled to commence human clinical trials for scar prevention in 2012. For more information, please visit www.rxipharma.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.

RXi Pharmaceuticals Corporation

Tamara McGrillen
508 929-3646


Galena Biopharma, Inc.

Madeline Hatton
Toll-free: +1 (855) 855-GALE (4253), ext. 109


or

Remy Bernarda
IR Sense, LLC
+1 (503) 400-6995