Opexa Therapeutics Inc (NASDAQ:OPXA)’s public offering epoxy for Tcelna R&D
Opexa Therapeutics, Inc. (NASDAQ:OPXA) is a bio-technology company that develops Tcelna®. This is a patient specific T-cell immunotherapy that is used in the treatment of multiple-sclerosis or MS. Today, the company announced it’s pricing of an underwritten-public offering of 12M common stock shares at $1.50 per share. The gross proceeds from this offering are expected to be in the range of $18M, including commissions and underwriting discounts as well as other offering expenses. All the shares in the offering will be sold by the company.
OPXA has provided the underwriters with a 30-day option to buy upto 1.8M additional shares of the common stock to cover all over-allotments, if any. The expected close date of this offering is on or around 13 August 2013. This is subject to all the customary closing conditions.
The company intends to use all the net proceeds from this offering to fund the Tcelna clinical development. There is an ongoing Phase 2B clinical-study of patients who are suffering from Secondary Progressive MS. The expenses of all the operations and its development and general corporate expenses will be funded by the proceeds from the offering.
OPXA may also use a segment of the net proceeds to repay its outstanding convertible secured promissory notes, either partially or in entirety. Aegis Capital Corp. will be acting as the only book-running manager for this offering.
Opexa Therapeutics, Inc. (NASDAQ:OPXA) is involved in the development of personalized cellular-therapies that have the potential to treat different illnesses, such as multiple sclerosis (MS). These therapies are based on the T-cell technology. OPXA’s leading therapy-candidate, Tcelna®, is its personalized T-cell immune-therapy. It is in a Phase IIb clinical development program called the Abili-T trial, for treating Secondary-Progressive MS. This drug is derived from the T-cells that have been isolated from the peripheral blood of the patient, expanded ex vivo, and then re-introduced into the patient via different subcutaneous injections.