By Richard Connell
New York, Aug. 13 - Opexa Therapeutics, Inc. announced it has completed a $3 million private placement of units, according to a company press release and an 8-K filed Wednesday with the Securities and Exchange Commission.
The company sold 2,003,874 units at either $1.48 per unit or $1.655 per unit for affiliated investors. Each unit consists of one common share and one warrant. The warrants are exercisable at $1.78 for four years.
New institutional investors Lehman Brothers and Diker Management, LLC joined existing shareholders, directors and officers to complete the financing.
Proceeds will be used to support the ongoing clinical development of Tovaxin, the company's treatment for multiple sclerosis.
The Woodlands, Texas-based Opexa develops and commercializes cell therapies to treat autoimmune diseases such as multiple sclerosis, rheumatoid arthritis and diabetes.
| Issuer: | Opexa Therapeutics, Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $3,004,600
|
| Units: | 2,003,874
|
| Price: | $1.48 ($1.655 for affiliated investors)
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Four years
|
| Warrant strike price: | $1.78
|
| Investor: | Lehman Brothers and Diker Management, LLC
|
| Settlement date: | Aug. 11
|
| Stock symbol: | Nasdaq: OPXA
|
| Stock price: | $1.61 at close Aug. 11
|
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