“Earlier this month, we entered into two purchase agreements with Lincoln Park Capital Fund, LLC whereby we have the right to sell to Lincoln Park an aggregate of up to $16.5 million in shares of our common stock over a 30-month period, subject to certain conditions and limitations,” commented Mr. Warma. “Additionally, we implemented an at-the-market (ATM) facility in September in which we can sell up to four million shares of our common stock from time to time depending on market demand. Meanwhile we continue to explore opportunities to properly resource the Company from a capital standpoint to be able to fully support ongoing clinical development. These opportunities may result in additional capital raises, a strategic partnership or both.”
“As of September 30, 2012, our cash and cash equivalents totaled approximately $2.2 million. Our monthly burn rate for the nine months ending September 2012 was approximately $885,000, inclusive of the cost of preparations to commence the Phase IIb clinical study,” continued Mr. Warma. “We believe we have sufficient liquidity to support our current clinical trial activities into December 2012. Moving forward, we are continuing to explore potential opportunities and alternatives to obtain the additional resources that will be necessary to continue and complete the Phase IIb study and to support ongoing operations during the pendency of such study.”
Second Quarter Financial Results
Opexa reported no commercial revenues in the three and nine months ended September 30, 2012 or in the comparable prior-year periods.Research and development expenses were $1,455,938 and $4,504,243 for the three and nine months ended September 30, 2012, respectively, compared with $654,772 and $2,194,141 for the three and nine months ended September 30, 2011, respectively. The increases were primarily due to increases in the procurement and use of supplies for both our laboratory and our product manufacturing operations, the engagement of consultants for further clinical development, stock compensation expense and facilities costs.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV