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Opexa Therapeutics Reports Second Quarter 2012 Financial Results And Provides Corporate Update

Opexa Therapeutics, Inc. (NASDAQ: OPXA), a company developing Tcelna™, a novel T-cell therapy for multiple sclerosis (MS), today reported financial results for the quarter ended June 30, 2012 and provided an overview of recent corporate developments.

Recent highlights include:

  • Closed a financing of $4.1 million in gross proceeds through a private offering consisting of convertible secured notes and warrants to purchase shares of common stock;
  • Rebranded our lead MS drug therapy with the new name Tcelna TM, reflecting the optimization of the overall manufacturing process and clinical trial design of our MS program;
  • Submitted the Chemistry, Manufacturing and Control (“CMC”) update to the FDA for final review;
  • Advanced preparations and final contract negotiations with key clinical trial sites across North America to support the Phase IIb clinical trial; and
  • Appointed current Board Member David E. Jorden as Acting Chief Financial Officer effective August 15, 2012.

“The first half of the year was focused on advancing preparations for our Phase IIb clinical trial in patients with Secondary Progressive MS, including securing additional capital to enable the initiation of the trial,” commented Neil K. Warma, President and Chief Executive Officer of Opexa. “We advanced well in these two key priorities having submitted the complete manufacturing CMC package to the FDA and having closed a financing which raised just over $4 million. The most important task we face in the near term is to initiate the clinical trial and begin to treat patients who so desperately need new safe and effective treatments. SPMS patients currently have very limited treatment options so we are excited to be preparing to initiate the trial with what we believe to be one of the safest and potentially most efficacious therapies for this disease.”

Stock quotes in this article: OPXA 

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