- Sections :
- Crime & Public Safety
- Restaurants & Food
- Sports
- More
Categories
THE WOODLANDS, Texas -- Opexa Therapeutics, Inc. (NASDAQ: OPXA) has reported financial results for the year ended December 31, 2009 and provided an update on its progress.
Opexa reported a net loss for the year ended December 31, 2009 of $1,433,922, or ($0.11) per share, compared with a net loss for the year ended December 31, 2008 of $11,852,152, or ($1.12) per share. Opexa reported no revenues for the year. Gain on sale of assets was $3 million for the year, compared with $-0- for 2008, attributable to an up front payment from the sale of the company's stem cell technology program to Novartis.
Other income for the year was $554,242, compared with $34,901 for 2008. The increase in other income is primarily attributable to the receipt of an initial $500,000 technology transfer fee milestone payment pursuant to the terms of the stem cell technology acquisition agreement with Novartis.
“I am pleased with the results and success we demonstrated on a number of fronts this past year despite operating in a very challenging economic climate,” commented Neil K. Warma, President and CEO of Opexa. “The company showed resolve and commitment throughout 2009 and finished the year competitively having strengthened its balance sheet and having positioned Tovaxin as perhaps one of the more promising treatments in development for MS. The pivotal point in the year was the completion of the stem cell transaction with Novartis. This alone contributed an immediate $3 million upfront payment and positioned us as eligible for future clinical and sales milestone payments in addition to future royalties on net sales of products developed from the use of the technology.”
“We finished the year with approximately $8.2 million in cash and cash equivalents which, at the current level of monthly burn of approximately $300,000, provides us with sufficient capital beyond 2010. Our focus over the next 6-12 months will be preparing for Tovaxin’s next clinical study, advancing regulatory and manufacturing activities and continuing our ongoing discussions with potential strategic partners regarding the further development of Tovaxin. Strengthening the Opexa team in 2009 through key internal hires and the addition of world class consultants was an important step in positioning Tovaxin for continued clinical development,” said Warma.
Source: Opexa Therapeutics, Inc.
Opexa reported a net loss for the year ended December 31, 2009 of $1,433,922, or ($0.11) per share, compared with a net loss for the year ended December 31, 2008 of $11,852,152, or ($1.12) per share. Opexa reported no revenues for the year. Gain on sale of assets was $3 million for the year, compared with $-0- for 2008, attributable to an up front payment from the sale of the company's stem cell technology program to Novartis.
Other income for the year was $554,242, compared with $34,901 for 2008. The increase in other income is primarily attributable to the receipt of an initial $500,000 technology transfer fee milestone payment pursuant to the terms of the stem cell technology acquisition agreement with Novartis.
“I am pleased with the results and success we demonstrated on a number of fronts this past year despite operating in a very challenging economic climate,” commented Neil K. Warma, President and CEO of Opexa. “The company showed resolve and commitment throughout 2009 and finished the year competitively having strengthened its balance sheet and having positioned Tovaxin as perhaps one of the more promising treatments in development for MS. The pivotal point in the year was the completion of the stem cell transaction with Novartis. This alone contributed an immediate $3 million upfront payment and positioned us as eligible for future clinical and sales milestone payments in addition to future royalties on net sales of products developed from the use of the technology.”
“We finished the year with approximately $8.2 million in cash and cash equivalents which, at the current level of monthly burn of approximately $300,000, provides us with sufficient capital beyond 2010. Our focus over the next 6-12 months will be preparing for Tovaxin’s next clinical study, advancing regulatory and manufacturing activities and continuing our ongoing discussions with potential strategic partners regarding the further development of Tovaxin. Strengthening the Opexa team in 2009 through key internal hires and the addition of world class consultants was an important step in positioning Tovaxin for continued clinical development,” said Warma.
Source: Opexa Therapeutics, Inc.
Comments •
Related News: Business
