THE WOODLANDS, Texas--(BUSINESS WIRE)-- Opexa Therapeutics, Inc. (OPXA), a biotechnology company developing a novel T-cell therapy for multiple sclerosis (MS), today announced the closing of a private offering ofunsecured convertible promissory notes and warrantsto 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 Opexas Board of Directors. The notes mature on January 23, 2014 and accrueinterest 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 Companys 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 … Continue reading
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