Opexa Therapeutics, Inc. (OPXA), a Woodlands, Texas-based biotechnology company, has officially reported its 2012 fiscal year financial results. Opexa is developing a novel T-cell therapy for MS (multiple sclerosis) known as Tcelna or Tovaxin and, despite loss reports for fiscal year 2011 and 2012, future finances are looking promising.
For the year ending December 31, 2012, the net loss is listed at $8,930,833 ($1.54 per share) compared with the previous year’s net loss of $5,968,448 ($1.06 per share). The reason for the increase in loss for Opexa’s year-end finances is due to several factors — primarily, the increases in research and development, the increase in labor related to clinical trials and administrative costs, interest expenses, and depreciation on equipment value.
Despite the numbers for the 2012 fiscal year, the company is making strides that are sure to prove a more profitable 2013. The signing of a license and option agreement in February of this year with Merck Serono is just one leading factor that will increase revenue related to the MS therapy offered by Opexa.
President and CEO of Opexa Neil K. Warma was quoted in The Paper Magazine as saying of the agreement:
“We are very pleased to have entered into an option and license agreement with Merck Serono given their long-term strategic commitment to, and existing franchise position in, the field of multiple sclerosis.”
Read more on Opexa Therapeutics in our previous report of Warma presenting at the 6th Annual European Life Science CEO Forum.