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

Feb 11, 2017

SEC Form 3 — Initial Statement of 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)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, par value $0.001 per share ("Common Stock")	4400000	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Warrant (right to buy)	$41.6	2020-03-18	Common Stock (62500)		Indirect
Warrant (right to buy)	$28.4	2021-01-21	Common Stock (54545)		Indirect
Warrant (right to buy)	$1.0	2017-04-20	Common Stock (1)		Indirect
Warrant (right to buy)	$1.1	2022-02-08	Common Stock (4400000)		Indirect
Call Options (obligation to sell)	$1.0	2018-01-19	Common Stock (5000)		Indirect
Call Options (obligation to sell)	$1.5	2018-01-19	Common Stock (15300)		Indirect
Call Options (obligation to sell)	$2.0	2018-01-19	Common Stock (30075)		Indirect
Call Options (obligation to sell)	$3.0	2018-01-19	Common Stock (3400)		Indirect

Footnotes

F1: 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.

F2: Exercisable at any time.