THE WOODLANDS, Texas--(BUSINESS WIRE)--
Opexa Therapeutics, Inc. (NASDAQ:OPXA), a company developing
personalized immunotherapies for autoimmune disorders, including
multiple sclerosis (MS) and neuromyelitis optica (NMO), today announced
that it has completed its previously announced rights offering. Opexa
raised $13,804,140 in gross proceeds, before expenses, through
subscriptions for 25,098,437 units, including the exercise of
over-subscription privileges. Each unit is composed of one share of
common stock and a warrant to purchase one additional share of common
stock. Net proceeds, after deduction of fees and expenses, including
dealer-manager fees, are expected to be approximately $12 million.
In accordance with the terms of the Company’s rights offering, the
Company will issue an aggregate 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. The three-year warrant, which will trade on NASDAQ under the
symbol “OPXAW,” will entitle the holder to purchase one share of common
stock at an exercise price of (i) $0.50 per share from the date of
issuance through June 30, 2022, and (ii) $1.50 per share from July 1,
2016 through the expiration date.
Opexa plans to use the net proceeds from the rights offering (i) to
continue funding the ongoing Phase IIb “Abili T” clinical study of
Tcelna in patients with secondary progressive multiple sclerosis (SPMS),
(ii) to continue preclinical and manufacturing activities for OPX-212 in
patients with NMO, and if such activities are successful, to file an
investigational new drug application with the U.S. Food and Drug
Administration to initiate a Phase 1/2 proof-of-concept study, and
(iii) for other general corporate purposes (including working capital,
research and development, business development and operational purposes).
Maxim Group LLC acted as lead dealer-manager and National Securities
Corporation served as co-dealer-manager for the rights offering.
Advantage Proxy acted as the information agent.
The rights offering was made pursuant to a registration statement on
Form S-1 filed by Opexa with the Securities and Exchange Commission and
declared effective by the SEC on February 25, 2022. Copies of the
prospectus, as supplemented, relating to and describing the terms of the
rights offering are available on the SEC’s web site at http://www.sec.gov.
Copies of the prospectus relating to these securities may also be
obtained from the offices of Maxim Group LLC, 405 Lexington Avenue, New
York, NY 10174, via telephone at (212) 895-3745, or via email at syndicate@maximgrp.com;
or from the offices of National Securities Corporation, 410 Park Avenue,
14th Floor, New York, NY 10022, via telephone at (212) 417-8164,
or via email at kaddarich@nationalsecurities.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor will there be any
sale of these securities in any state or other jurisdiction in which
such offer, solicitation or sale is not permitted.
About Opexa
Opexa is a biopharmaceutical company developing a personalized
immunotherapy with the potential to treat major illnesses, including
multiple sclerosis (MS) as well as other autoimmune diseases such as
neuromyelitis optica (NMO). These therapies are based on Opexa’s
proprietary T-cell technology. The Company’s leading therapy candidate,
Tcelna®, is a personalized T-cell immunotherapy that is in a Phase IIb
clinical development program (the Abili-T trial) for the treatment of
secondary progressive MS. Tcelna is derived from T-cells isolated from
the patient’s peripheral blood, expanded ex vivo, and reintroduced into
the patients via subcutaneous injections. This process triggers a potent
immune response against specific subsets of autoreactive T-cells known
to attack myelin.
For more information, visit the Opexa Therapeutics website at www.opexatherapeutics.com.
Cautionary Statement Relating to Forward - Looking Information for
the Purpose of "Safe Harbor" Provisions of the Private Securities
Litigation Reform Act of 1995
This release contains forward-looking statements which are made
pursuant to the safe harbor provisions of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Statements contained in this release, other than
statements of historical fact, constitute “forward-looking statements.”
The words “expects,” “believes,” “potential,” “possibly,” “estimates,”
“may,” “could” and “intends,” as well as similar expressions, are
intended to identify forward-looking statements. These forward-looking
statements do not constitute guarantees of future performance. Investors
are cautioned that statements which are not strictly historical
statements, including, without limitation, statements regarding plans
and objectives for product development (including for Tcelna
(imilecleucel T) and OPX-212), constitute forward-looking statements.
Such forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results to differ materially from
those anticipated. These risks and uncertainties include, without
limitation, risks associated with the following: market conditions; our
capital position; our ability to compete with larger, better financed
pharmaceutical and biotechnology companies; new approaches to the
treatment of our targeted diseases such as MS and NMO; our expectation
of incurring continued losses; our uncertainty of developing a
marketable product; our ability to raise additional capital to continue
our development programs (including to undertake and complete any
ongoing or further clinical studies for Tcelna, to complete preclinical
development activities and potentially file an IND for OPX-212, and
potentially to conduct a Phase 1/2 proof-of-concept study for OPX-212 in
NMO); our ability to maintain compliance with NASDAQ listing standards;
the success of our clinical trials (including the Phase IIb trial for
Tcelna in secondary progressive MS which, depending upon results, may
determine whether Ares Trading SA (“Merck Serono”), a wholly owned
subsidiary of Merck Serono S.A., elects to exercise its option
(“Option”) to acquire an exclusive, worldwide (excluding Japan) license
of our Tcelna program for the treatment of MS); the success of our
development programs (including the preclinical development activities
with respect to OPX-212); whether Merck Serono exercises its Option and,
if so, whether we receive any development or commercialization milestone
payments or royalties from Merck Serono pursuant to the Option; our
dependence (if Merck Serono exercises its Option) on the resources and
abilities of Merck Serono for the further development of Tcelna; the
efficacy of Tcelna for any particular indication, such as for Relapsing
Remitting MS or Secondary Progressive MS; our ability to develop and
commercialize products; our ability to obtain required regulatory
approvals; our compliance with all FDA regulations; our ability to
obtain, maintain and protect intellectual property rights (including for
Tcelna and future pipeline candidates such as OPX-212); the risk of
litigation regarding our intellectual property rights or the rights of
third parties; our limited manufacturing capabilities; our dependence on
third-party suppliers and manufacturers; our ability to hire and retain
skilled personnel; our volatile stock price; and other risks detailed in
our filings with the SEC. These forward-looking statements speak only as
of the date made. We assume no obligation or undertaking to update or
revise any forward-looking statements contained herein to reflect any
changes in our expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is based. You
should, however, review additional disclosures we make in our
registration statement on Form S-1 for the rights offering that has been
declared effective by the SEC, as well as our Annual Reports on Form
10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Source: Opexa Therapeutics, Inc.