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Opexa Therapeutics (OPXA), Unit Public Offering of $8.5M

OPXA priced an underwritten public offering of 4,146,500 units at a price to the public of $2.05 per unit, for gross proceeds of $8.5M.
  • Each unit consists of one share of common stock and a warrant to purchase four-tenths (0.40) of a share of common stock;
  • The shares of common stock and warrants are immediately separable and will be issued separately such that no units will be issued;
  • The warrants are exercisable immediately upon issuance, having a five-year term and an exercise price of $2.61 per full share.

OPXA intends to use the proceeds from this offering to prepare for and proceed toward the initiation of a pivotal Phase III clinical study in the US of Tovaxin in relapsing remitting MS and for general corporate purposes.

  • Lazard Capital Markets LLC is acting as sole book-running manager in the offering.

The Bottom Line: Another stem cell company rides the wave of recent financings. The shares of OPXA traded down $0.42 or -17.73% to $1.95 from $2.37 in the opening of the market.