Opexa Therapeutics Inc (NASDAQ:OPXA) reported that the net loss in 3Q2016 came at around $2 million against the net loss of around $2.8 million in the same period, a year earlier. Neil K. Warma, the CEO and President, said that in the past several years, the company has committed itself to advancing therapies to cure patients with increasingly unmet medical needs. They are disappointed that the Abili-T study failed to meet the predefined objectives, and they are assessing strategic options for the firm in order to decide the best path forward.
The highlights
In October, Opexa reported that the Phase IIb Abili-T clinical study designed to assess the safety and efficacy of Tcelna in patients with SPMS failed to meet its primary objective of decline in brain volume change, nor did it fulfill the secondary objective of drop of the rate of continuous disease progression. Tcelna did recorded a favorable tolerability and safety profile. More details pertaining the Abili-T study data can be found in Opexa’s 3Q2016 Form 10-Q.
The company is currently evaluating the complete report from the Abili-T study. However, depending on the top-line data, it is unlikely that the firm will continue with advancement of Tcelna. Opexa is performing an assessment of its other R&D programs, comprising the preclinical plan for OPX-212 in NMO, to evaluate the feasibility of continuing to follow one or more of these plans.
Earlier in November, Opexa reported a decline in workforce of 40% of the firm’s 20 employees at that time while the firm assesses its programs and numerous strategic options in light of the poor Abili-T study report. The firm projects that it will record incremental total cash charges of nearly $95,000 linked with workforce reduction. Opexa projects that additional reorganization will occur by year-end.
Also, the firm has accepted Ms. Donna Rill resignation, who was the Chief Development Officer, and of Mr. Scott Seaman, one of the members of company’s Board of Directors.
