Galena Biopharma Establishes Record Date for Spin-Off Stock Dividend of RXi Pharmaceuticals Shares

Galena Biopharma, Inc.

today announced, as required by NASDAQ Listing Rule 5250(e)(6), that its Board of Directors has declared a conditional spin-off stock dividend on Galena common stock of one share of common stock of RXi Pharmaceuticals Corporation, a subsidiary of Galena, for each outstanding share of Galena common stock. The dividend of RXi shares will be made pursuant to the registration statement filed by RXi with the Securities and Exchange Commission and declared effective on February 14, 2012. The dividend will be payable, subject to certain conditions, to Galena stockholders as of close of business (Eastern time) on March 8, 2012, the record date for the distribution, in the ratio of one RXi share for each share of Galena common stock held as of the record date. The Galena Board of Directors has not set a payment date for the distribution, but Galena anticipates that the payment date for the distribution of the shares will occur as soon as possible, and no later than 60 days, following the record date.