Opexa Therapeutics, Inc. (NASDAQ: OPXA), a company developing Tovaxin®, a novel T-cell therapy for multiple sclerosis (MS), today reported financial results for the quarter ended March 31, 2011 and provided an update on its corporate developments.
Recent highlights include:
- Closing an underwritten public offering of $8.5 million gross proceeds, providing necessary funding to continue preparations for a planned Phase III clinical trial;
- Presenting clinical data on Tovaxin during a poster session at the 63 rd annual American Academy of Neurology (AAN) conference, highlighting important efficacy data in a subpopulation of patients that had previously not been exposed to or taken any drugs for the treatment of their MS; and
- Presenting Opexa’s progress in the ongoing clinical development program for Tovaxin at the 13 th annual BIO CEO & Investor Conference in New York and the 6 th annual Cell Therapy Conference in Beijing.
“We have maintained an active pace over the past several months in preparation for our Phase III clinical trial and are making good progress on a number of fronts,” commented Neil K. Warma, President and Chief Executive Officer of Opexa. “We are using the proceeds from our recent financing to ramp up our efforts in preparation for the trial. The funds will be directed, in part, over the next several months to increasing our headcount to an appropriate level to manage future studies and executing necessary manufacturing and clinical steps in advance of initiating the trial. The presentation of the efficacy data was well received at AAN, and after reviewing recent data from other MS developmental drugs, we continue to believe Tovaxin is very well positioned to be a leading therapy in the treatment of MS. Tovaxin’s potent efficacy and excellent safety profile, coupled with the fact that Tovaxin is newly manufactured each year to match each patient’s evolving disease profile, is generating strong interest among patients and physicians.”