SELLAS Life Sciences (SLS) Form 3 Galena Biopharma / Sander Gerber ownership change

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Hudson Bay Capital Management LP

(Last) (First) (Middle)

777 THIRD AVE., 30TH FLOOR

(Street)

NEW YORK NY 10017

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
02/08/2017

3. Issuer Name and Ticker or Trading Symbol
Galena Biopharma, Inc. [ GALE ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, par value $0.001 per share ("Common Stock")	4,400,000	I	See footnote(1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Warrant (right to buy)	03/18/2015	03/18/2020	Common Stock	62,500	41.6	I	See footnote(1)
Warrant (right to buy)	01/07/2016	01/21/2021	Common Stock	54,545	28.4	I	See footnote(1)
Warrant (right to buy)	04/21/2012	04/20/2017	Common Stock	1	1	I	See footnote(1)
Warrant (right to buy)	02/08/2017	02/08/2022	Common Stock	4,400,000	1.1	I	See footnote(1)
Call Options (obligation to sell)	(2)	01/19/2018	Common Stock	5,000	1	I	See footnote(1)
Call Options (obligation to sell)	(2)	01/19/2018	Common Stock	15,300	1.5	I	See footnote(1)
Call Options (obligation to sell)	(2)	01/19/2018	Common Stock	30,075	2	I	See footnote(1)
Call Options (obligation to sell)	(2)	01/19/2018	Common Stock	3,400	3	I	See footnote(1)

1. Name and Address of Reporting Person^*

Hudson Bay Capital Management LP

(Last) (First) (Middle)

777 THIRD AVE., 30TH FLOOR

(Street)

NEW YORK NY 10017

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

Gerber Sander

(Last) (First) (Middle)

C/O HUDSON BAY CAPITAL MANAGEMENT, L.P.

777 THIRD AVENUE, 30TH FLOOR

(Street)

NEW YORK NY 10017

(City) (State) (Zip)

Explanation of Responses:

1. 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.

2. Exercisable at any time.

	Hudson Bay Capital Management LP, By: /s/ Sander Gerber, Authorized Signatory	02/10/2017
	/s/ Sander Gerber	02/10/2017
	** Signature of Reporting Person	Date
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