Opexa Therapeutics, Inc., a company advancing personalized immunotherapies to address autoimmune disorders such as multiple sclerosis and neuromyelitis optica, recently announced it has now completed its previously announced rights offering.
Opexa managed to raise $13,804,140 in gross proceeds, before expenses, thanks to subscriptions for 25,098,437 units and the exercise of privileges concerning over-subscription. Each unit includes one share of common stock and another warrant to purchase an additional share of common stock. After expenses, fees and dealer-manager percentages deducted, the proceeds are expected to be approximately $12 million.
As in the terms of the Company’s rights offering, Opexa will issue a set of 25,098,437 shares of common stock and warrants for a like number of shares, at the subscription price of $0.55 per unit. A 3-year warrant, that will be trade on NASDAQ under “OPXAW,” will authorize the holder to purchase each share of the common stock at an exercise price of $0.50 per share from the date of issuance until June 30, 2016, and of $1.50 per share from July 1, 2016 until the expiration date.
The company’s proceeds are intended to fund the ongoing Phase IIb “Abili T” clinical study of Tcelna to address those suffering with secondary progressive multiple sclerosis (SPMS); to carry on manufacturing activities and pre-clinical trials for OPX-212 in those with neuromyelitis optica to file an investigational new drug application to the United States Food and Drug Administration; and to other corporate purposes that Opexa might find relevant.
Read More Recent News About Opexa
Researchers from Opexa will be presenting results from a recent study whereby they identified the therapeutic mechanisms of Rituximab when used in the treatment of Neuromyelitis Optica (NMO). The presentation entitled, “Immune profiling of NMO patients receiving Rituximab immunotherapy” will take place during the 67th American Academy of Neurology (AAN) Annual Meeting April 18-25, 2015, at the Walter E. Washington Convention Center in Washington, DC.