Investors receive one right for each share, series L warrant held
By Devika Patel
Knoxville, Tenn., April 9 – Opexa Therapeutics, Inc. said it raised $13.8 million in its rights offering of units, which expired on Wednesday. The deal was announced on Jan. 28, the date the company priced the warrants included in the units and registered up to $64.75 million of common stock for the sale. It set March 13 as the record date on Feb. 26 and reduced the per-unit price on March 31.
The company sold rights for 25,098,437 units.
Opexa distributed on subscription right for each common share or series L warrant held on March 13. Each right is exercisable for one unit of one common share and a warrant at $0.55 per unit, reduced on Tuesday from $0.70 per unit.
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 35.9% discount and 92.31% premium to the Jan. 27 closing share price of $0.78.
The subscription rights expired if they were not exercised by 5 p.m. ET on April 8.
Maxim Group LLC was the lead dealer-manager, and National Securities Corp. was the co-dealer-manager.
Proceeds will be used for the phase IIb “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.
| Issuer: | Opexa Therapeutics, Inc.
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| Issue: | Subscription rights, each exercisable for a unit of one common share and a warrant
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| Amount: | $13,804,140
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| Rights: | For 25,098,437 units
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| Price: | $0.55
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| Warrants: | One warrant per unit
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| Warrant expiration: | Three years
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| Warrant strike prices: | $0.50 until June 30, 2016 and at $1.50 from July 1, 2016 onwards
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| Dealer-managers: | Maxim Group LLC (lead) and National Securities Corp. (co-dealer-manager)
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| Pricing date: | Jan. 28
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| Record date: | March 13
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| Revised: | March 31
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| Expiration date: | April 8
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| Stock symbol: | Nasdaq: OPXA
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| Stock price: | $0.78 at close Jan. 27
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| Market capitalization: | $14.15 million
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