Item 8.01 Other Events.

Warrant Dispute Dismissed with Prejudice

As previously reported by Galena Biopharma, Inc. ("we," "us," "our," or the "Company"), the Company was named as a defendant in four separate lawsuits filed in the United States District Court for the Southern District of New York by certain holders of our warrants. These four lawsuits are described in detail in our previous filings with the Securities and Exchange Commission, including, but not limited to, our Forms 8-K filed on January 23, 2012, February 17, 2012 and March 28, 2012, respectively. As reported therein, on May 7, 2012, we entered into a confidential settlement agreement and mutual release with the plaintiff in one these actions, pursuant to which the plaintiff agreed to dismiss with prejudice all of its claims in that action.

Effective May 23, 2012, we entered into confidential settlement agreements and mutual releases with all of the plaintiffs in the remaining three actions, pursuant to which the plaintiffs have agreed to dismiss with prejudice all of their claims in these actions and accepted our repurchase of a portion of their warrants as described in our previous public filings. In exchange, we have agreed to reimburse the plaintiffs for a specified amount of fees and costs they incurred in the actions.

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