Date: 2016-11-02
Type of information: Restructuring
Compound:
Company: Opexa Therapeutics (USA - TX)
Therapeutic area: Autoimmune diseases - Neurodegenerative diseases
Type agreement: restructuring
Action mechanism:
Disease:
Details: * On November 2, 2016, Opexa Therapeutics announced that it was implementing an approximately 40% reduction to the Company's current workforce in order to reduce operating expenses and conserve cash resources. The move comes as the company recently announced that the phase 2b Abili-T clinical trial designed to evaluate the efficacy and safety of Tcelna® (imilecleucel-T) in patients with secondary progressive multiple sclerosis did not meet its primary endpoint of reduction in brain volume change (atrophy), nor did it meet the secondary endpoint of reduction of the rate of sustained disease progression. Opexa Therapeutics that it will incur incremental aggregate cash charges of approximately $95,000 associated with this current workforce reduction. Moreover, additional restructuring will probably occur by year-end. Additionally, the company has accepted the resignations of Ms. Donna Rill, Opexa's Chief Development Officer, and Mr. Scott Seaman, a member of the company's Board of Directors. Ms. Rill, who is leaving to pursue other career opportunities, will depart as of November 4, 2016.
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