Woodlands, Texas-based Opexa Therapeutics, Inc., in an effort to further bolster the development of its lead product Tcelna, recently announced what appears to be a successful close of the company’s previously announced public offering of 12,000,000 shares of its common stock. The stock price to the public was $1.50 per share, resulting in gross proceeds of $18 million, before deducting underwriting and offering costs and commissions.
Opexa is a Texas-based biotechnology company developing Tcelna®, a patient-specific T-cell immunotherapy for the treatment of multiple sclerosis (MS).
While Opexa has officially closed the public offering, the company has granted the stock’s underwriters a 30-day option to purchase up to an additional 1,800,000 shares of common stock to cover over-allotments, if any, according to the company’s press release.
Opexa intends to use the net proceeds from the offering “to fund further clinical development of Tcelna in an ongoing Phase IIb clinical study of patients with Secondary Progressive MS, as well as the expenses of its operations during such development and for general corporate purposes.” BioNews Texas first reported on Opexa’s Phase IIb clinical study of Tcelna back in mid May. The company also reports that proceeds from the public stock offering may be portioned out to “repay all or a portion of its outstanding convertible secured promissory notes.”
We will be sure to cover further results of Opexa’s Tcelna clinical trials, as well as the company’s financial disclosures, as they become available. A new financial report is anticipated for mid-September.
Photos from Opexa, http://guestofaguest.com