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BREAKING- Opexa Therapeutics Plunges 49 Percent (OPXA)

Shares of Opexa Therapeutics (NASDAQ: OPXA) are down 49 percent after the company priced its secondary offering of 12 million shares at $1.50 per share. The company expects to make approximately $18 million before costs and will use the proceeds to fund further development of its MS drug, Tcelna–currently in Phase IIb development.

Opexa may also use a portion of the net proceeds to repay all or a portion of its outstanding convertible secured promissory notes.

On Tuesday, Opexa printed triple digit gains on unverifiable information. Rumors persisted that it tried to price a 15 million share offering but was unable to get the deal done.

Read yesterday’s story on the name, here.

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[stock-tools exchange="NASDAQ" symbol="OPXA" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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