“As of June 30, 2012, our cash and cash equivalents totaled approximately $1.6 million. Our monthly burn rate for the first half of 2012 was approximately $925,000, inclusive of increased cash expenditures to support preparations for the initiation of the planned Phase IIb clinical study in North America,” continued Mr. Warma. “As previously announced, on July 25, 2012, we closed a financing of $4.1 million in gross proceeds through a private offering. At the current burn rate, and including the additional net proceeds from this financing, we should have sufficient capital through November 2012 to initiate the Phase IIb clinical study and enroll a portion of the overall patients. Moving forward, we are continuing to explore potential opportunities and alternatives to obtain the additional resources that will be necessary to complete the Phase IIb study and to support ongoing operations during the pendency of such study.”
Additionally, Opexa today announced that on August 9, 2012, the Company received notice that the listing qualifications department staff of the NASDAQ Stock Market has granted the Company an extension of an additional 180 days to regain compliance with the listing standard for the minimum bid price rule contained in Listing Rule 5550(a)(2) which will allow the continued listing of the Company’s securities on The NASDAQ Capital Market. As previously announced, in February 2012, Opexa received a staff deficiency letter from NASDAQ notifying the Company that for the preceding 30 consecutive business days, the bid price of the Company’s common stock had closed below the minimum closing bid price of $1.00 per share. To regain compliance, the closing bid price of the Company’s common stock must be at least $1.00 per share for a minimum of ten consecutive business days (or such longer period of time as the NASDAQ staff may require) before February 4, 2013.