OPXA Acer Therapeutics Com USD0.01

EDISON EQUITY RESEARCH: OPEXA THERAPEUTICS - RESTRUCTURING SHARPENS FOCUS ON TCELNA DATA 

On 2 March Opexa announced it has embarked on a restructuring initiative to prioritize its spending towards completing the ongoing 190-patient Abili-T Phase II study of lead candidate Tcelna in secondary progressive multiple sclerosis (SPMS). The company has reduced its overall headcount by about 30%, but this does not affect the Abili-T study timelines, for which data are expected in early Q416. The restructuring lengthens the company’s financial runway into Q117 (vs prior guidance of Q416), providing added flexibility around the timing of Tcelna data. Our rNPV is $35.1m, which after including $12.4m Q415 net cash equates to an equity valuation of $6.81 per share.

Opexa is developing a personalized T-cell immunotherapy to treat multiple sclerosis (MS) and other autoimmune diseases such as neuromyelitis optica (NMO). Lead candidate Tcelna is in Phase IIb studies for secondary progressive MS (SPMS), with data expected in Q416.

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