Opexa Therapeutics Reports Third Quarter 2010 Financial Results
"The optimization of the manufacturing process to a commercial state has been advancing very well and I am equally as pleased with the progress we have made on the clinical and regulatory path. Based on strong input from our Scientific Advisory Board, we are now finalizing the clinical trial protocols that will be presented to the FDA. We continue to have active dialogue with potential partners regarding the further clinical development of Tovaxin," added Mr. Warma.
"As of the end of the third quarter, September 30, 2010, our cash and cash equivalents totaled approximately $4.7 million and our monthly burn rate for the year through the third quarter was approximately $380,000. We are maintaining tight control over our cash spend while still being able to actively advance our varied operational priorities. Our team remains lean but highly productive and focused on timely execution. At the current burn rate, we believe that while we have sufficient capital to support our operations, at current levels, through 2011, we will need to raise additional capital to support our operations," commented Mr. Warma.
Third Quarter Financial Results
Opexa reported no revenues in the three months ended September 30, 2010 or in the comparable prior-year period.Research and development expenses were $625,282 and $2,193,919 for the three and nine months ended September 30, 2010, respectively, compared with $490,273 and $1,653,755 for the three and nine months ended September 30, 2009, respectively. The increase in expenses was primarily related to an increase in personnel, an increase in professional service fees and the initiation of key experiments, and was partially offset by a decrease in stock compensation expense. General and administrative expenses for the three and nine months ended September 30, 2010 were $626,697 and $1,706,546, respectively, compared with $665,649 and $1,473,639 for the three and nine months ended September 30, 2009, respectively. The decrease in expenses for the three months ended September 30, 2009 to the three months ended September 30, 2010 is due to a decrease in bonus compensation expense as well as a decrease in professional service fees, partially offset by an increase in executive and stock compensation costs. The increase in expenses for the nine months ended September 30, 2009 to the nine months ended September 30, 2010 is due to an increase in professional service fees as well as an increase in executive compensation costs, and was partially offset by a decrease in stock and bonus compensation expense.
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