SELLAS Life Sciences Group, Inc. — Director's Dealing 2017

Feb 11, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Galena Biopharma, Inc. (GALE)
CIK: 0001390478
Period of Report: 2017-02-08

Reporting Person: Hudson Bay Capital Management LP (10% Owner)
Reporting Person: Gerber Sander (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-02-08	Common Stock, par value $0.001 per share ("Common Stock")	S	2363441	$0.84	Disposed	2036559	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-02-08	Call Options (obligation to sell)	$1.0	P	1100	Acquired	2019-01-18	Common Stock (110000)	Indirect

Footnotes

F1: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $1.10 to $0.83, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth herein.

F2: The securities are held by Hudson Bay Master Fund, Ltd. (the "Fund"). Hudson Bay Capital Management LP (the "Investment Manager") serves as the investment manager of the Fund. As such, the Investment Manager may be deemed to have beneficial ownership of the securities held by the Fund. As the managing member of the general partner of Hudson Bay Capital Management LP, Mr. Sander Gerber may be deemed to have beneficial ownership of the securities held by the Fund. Each Reporting Person disclaims beneficial ownership of the securities held by the Fund, except to the extent of its or his pecuniary interest therein.

F3: Exercisable at any time.