After registering strong gains on the last Thursday, the stock of Opexa Therapeutics Inc (NASDAQ:OPXA) declined over 16% in last trading session to close at $0.965. The decline came at a massive share volume of 4.39 million compared to average share volume of 1.25 million. Shares are still up since bottoming at $0.50 in early November after the Tcelna failed in a multiple sclerosis trial.
No particular news can be accounted for the recent volatility, but the company reported in a November 14 PR that its quick assets will merely be sufficient to support operations into the first quarter. An equity offering may be in offspring.
Earlier in November, Opexa Therapeutics released an update on the firm’s clinical advancement and corporate activities. Neil K. Warma, the President and CEO of Opexa, said that over the last many years, the company has committed itself to advancing treatments to cure people with high unmet medical needs, like those people suffering with secondary progressive multiple sclerosis. They are extremely upset that the Abili-T study failed to hit the predefined endpoints, and they are assessing strategic alternatives for the firm in order to identify the best path forward.
In October 2016, Opexa reported that the Phase IIb Abili-T clinical study designed to assess the efficacy and safety of Tcelna in people with SPMS failed to meet its primary objective of reduction in brain volume change, nor did it hit the secondary objective of decline of the rate of sustained disease advancement. Tcelna did posted a favorable tolerability and safety profile. Further details pertaining the Abili-T trial report can be found in company’s third quarter 10-Q, submitted with the SEC.
Opexa is currently evaluating the complete data information from the Abili-T study. However, depending on the top-line report, it is unlikely that the firm will continue with further advancement of Tcelna.