OPEXA TRIGGERS MILESTONE PAYMENT UNDER STEM CELL PACT.Opexa Therapeutics, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :OPXA),The Woodlands, Texas, a company developing Tovaxin, a personalized T-cell immunotherapy for multiple sclerosis (MS), has announced that it has achieved its first technology transfer milestone in connection with the company's recently announced exclusive stem cell stem cell In living organisms, an undifferentiated cell that can produce other cells that eventually make up specialized tissues and organs. There are two major types of stem cells, embryonic and adult. agreement with Novartis, one of the world's largest healthcare companies. The milestone was completed on schedule and triggers a payment of $500,000 to Opexa. Opexa recently announced that it entered into an exclusive agreement with Novartis for the further development of Opexa's novel stem cell technology. Under the terms of the agreement, Opexa received an upfront cash payment of $3 million and was entitled to an additional $1 million as a technology transfer fee to be paid over the course of a six month period. The $500,000 milestone is part of this $1 million technology transfer fee. Total payments to Opexa, including the upfront payment, the technology transfer fee and development and commercial milestone payments could exceed $50 million not including royalties. Opexa is also eligible to receive royalty payments from the sale of any products resulting from the use of the technology and retains an option on certain manufacturing rights. In another positive development, Opexa recently received approximately $850,000 from the exercise of outstanding warrants. The five-year warrants were exercised at a $1.78 strike price. This, together with the milestone payment, has added over $1.3 million to Opexa's cash resources, providing the company with further flexibility as it pursues the preparation and planning for Tovaxin's ongoing clinical development program, as well as its ongoing partnership discussions. About Opexa Opexa Therapeutics, Inc. is dedicated to the development of patient-specific cellular therapies for the treatment of autoimmune diseases Autoimmune diseases A group of diseases, like rheumatoid arthritis and systemic lupus erythematosus, in which immune cells turn on the body, attacking various tissues and organs. Mentioned in: Complement Deficiencies, Premature Menopause . The company's leading therapy, Tovaxin, is an individualized in·di·vid·u·al·ize tr.v. in·di·vid·u·al·ized, in·di·vid·u·al·iz·ing, in·di·vid·u·al·iz·es 1. To give individuality to. 2. To consider or treat individually; particularize. 3. cellular immunotherapy treatment in Phase IIb clinical development for multiple sclerosis (MS). Tovaxin is derived from T-cells isolated from peripheral blood peripheral blood Cardiology Blood circulating in the system/body , expanded ex vivo ex vivo /ex vi·vo/ (eks´ ve´vo) outside the living body; denoting removal of an organ (e.g., the kidney) for reparative surgery, after which it is returned to the original site. , and reintroduced into the patients via subcutaneous injections. This process triggers a potent immune response immune response n. An integrated bodily response to an antigen, especially one mediated by lymphocytes and involving recognition of antigens by specific antibodies or previously sensitized lymphocytes. against specific subsets of autoreactive T-cells known to attack myelin myelin /my·elin/ (mi´e-lin) the lipid-rich substance of the cell membrane of Schwann cells that coils to form the myelin sheath surrounding the axon of myelinated nerve fibers. , believed to be a primary cause of MS attacks and nervous system damage. For more information, call 281/272-9331 or visit http://www.opexatherapeutics.com. |
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