Opexa Therapeutics Announces Closing Of Public Offering Of 12 Mln Common Stock

(RTTNews) - Opexa Therapeutics, Inc. (OPXA), a biotechnology company developing Tcelna, a patient-specific T-cell immunotherapy for the treatment of multiple sclerosis or MS, announced the closing of the previously announced underwritten public offering of 12.0 million shares of its common stock at a price to the public of $1.50 per share.

The company said the gross proceeds to Opexa from this offering were $18 million, before deducting underwriting discounts and commissions and other estimated offering expenses.

Opexa stated that it sold all of the shares in the offering and the company has also granted the underwriters a 30-day option to purchase up to an additional 1.8 million shares of common stock to cover over-allotments, if any.

The company said it expects 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.

A portion of the net proceeds may also be used to repay all or a portion of the outstanding convertible secured promissory notes, Opexa added.