BioSpace Collaborative

Academic/Biomedical Research
News & Jobs
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  C2C Services & Suppliers™
Europe
Asia

DIVERSITY

PROFILES
Company Profiles

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Research Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
Get Our Industry eNewsletter FREE email:    
   

Opexa Therapeutics (OPXA) Closes Private Note Offering


1/24/2013 8:55:33 AM

THE WOODLANDS, Texas--(BUSINESS WIRE)--Opexa Therapeutics, Inc. (NASDAQ: OPXA), a biotechnology company developing a novel T-cell therapy for multiple sclerosis (MS), today announced the closing of a private offering of unsecured convertible promissory notes and warrants to purchase shares of common stock for gross proceeds of $650,000. Opexa expects to use proceeds from the financing to continue its Phase IIb clinical study of Tcelna™ in patients with Secondary Progressive MS (SP-MS) and general corporate purposes. Participating in the financing were new investors and existing shareholders, including a member of Opexa’s Board of Directors. The notes mature on January 23, 2014 and accrue interest at the rate of 12% per annum, compounded annually. Interest is payable quarterly in cash beginning March 31, 2013. Fifty percent of the initial principal amount of the notes is payable by the Company to the investors following the receipt of an aggregate of at least $5 million in proceeds from the sale of the Company’s equity securities and/or the Company achieves certain strategic funding milestones to allow the Company to continue its clinical trial program. The remaining balance of the notes is payable by the Company to the investors following the receipt of an aggregate of at least $7.5 million in proceeds from the same sources as described above. The notes can be converted into common stock at any time at the option of the investors at a price of approximately $1.30, subject to certain limitations.

Read at BioSpace.com

   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES
 

//-->