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Opexa Therapeutics to conduct $64.75 million rights offering of units
Rights convert to units of one common share and a three-year warrant
By Devika Patel
Knoxville, Tenn., Jan. 28 – Opexa Therapeutics, Inc. plans to price a rights offering, according to a Form S-1 filed Wednesday with the Securities and Exchange Commission. The company has registered up to $64.75 million of stock.
Investors, who hold shares or series L warrants on the record date, will receive rights to purchase units of one common share and one warrant. The price per unit is expected to fall between $0.65 and $0.75.
The three-year warrant will be exercisable at $0.50 until June 30, 2016 and at $1.50 from July 1, 2016 through the expiration date. The strike prices are a respective 35.9% discount and 92.31% premium to the Jan. 27 (Nasdaq: OPXA) closing share price of $0.78.
Maxim Group LLC is the lead dealer-manager, and National Securities Corp. is the co-dealer-manager.
Proceeds will be used for the phase 2b “Abili T” clinical study of Tcelna in patients with secondary progressive multiple sclerosis, preclinical and manufacturing activities for OPX-212 in development for patients with neuromyelitis optica, 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.
The proceeds will also be used for other general corporate purposes, including working capital, research and development, business development and operational purposes.
The Woodlands, Texas-based Opexa develops and commercializes cell therapies to treat autoimmune diseases, such as multiple sclerosis, rheumatoid arthritis and diabetes.
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