Opexa Therapeutics Inc. (NASDAQ:OPXA) stock down by 51.71%


Dallas, Texas 08/09/2013 (Financialstrend) – Opexa Therapeutics Inc. (NASDAQ:OPXA) had recently announced the issue of public offering of its common stock to raise capital to meet out its clinical development requirements related to Tcelna. The company had made a public offer of around 12 million shares of its common stock which is priced at $1.5 per share. It is thereby expected that the company would receive gross proceeds of around $18 million from this public offer before deducting the expenses related to the commission, underwriting discounts and offering expenses. It had further been announced that the underwriters to this public offer would be provided with an option to purchase another 1.8 million shares of common stock within 30 days from the date of offer of this common stock.

It is expected that the net proceeds obtained by Opexa Therapeutics Inc. (NASDAQ:OPXA) from this public offer would be utilized effectively to meet out the requirements related to the clinical stage study of Tcelna, which is being tested on patients with Secondary Progressive MS. The net proceeds would also be used to meet out the operational expenses related to the clinical studies and other general corporate purposes. Repayment of a portion or all of the company’s outstanding convertible secured promissory notes may also be made with the net proceeds from this offer.

Shares of Opexa Therapeutics Inc. (NASDAQ:OPXA) had traded on Thursday to present loss of 51.71% and had closed the trading session at $1.41 per share. The stock had been presenting intraday price fluctuations in the range of $1.39 at the lowest and $1.57 at the highest on Thursday. Presently the stock is at 52 week low price of $1.07 and 52 week high price of $5.19 per share. There had been 22.25million shares that had traded on this stock in the markets in Thursday, while on an average the stock had presented 925,413.00 shares of trading volume