Deals sell stock to Lincoln Park with a floor price of $0.45 per share
By Devika Patel
Knoxville, Tenn., Nov. 5 - Opexa Therapeutics, Inc. arranged a $1.5 million share purchase agreement with Lincoln Park Capital Fund, LLC on Nov. 2, according to an 8-K filed Monday with the Securities and Exchange Commission. It also arranged a $15 million share purchase agreement with the same investor on the same terms.
The company will sell the common shares to Lincoln Park over 30 months. The pricing will be fixed through a formula based upon market prices of the common stock, subject to a floor price of $0.45.
Lincoln Park will make the purchases in tranches of up to 100,000 shares.
Proceeds will be used for working capital and general corporate purposes, including the Abili-T clinical study.
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: | Share purchase agreement
|
| Amount: | $16.5 million
|
| Tenor: | 30 months
|
| Price: | Floor of $0.45
|
| Warrants: | No
|
| Investor: | Lincoln Park Capital Fund, LLC
|
| Pricing date: | Nov. 2
|
| Stock symbol: | Nasdaq: OPXA
|
| Stock price: | $0.70 at close Nov. 1
|
| Market capitalization: | $15.76 million
|
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