Opexa closes first tranche of financing

Texas, USA-based Opexa Therapeutics, a company developing a novel T-cell therapy for multiple sclerosis and a stem cell therapy for diabetes,  says it has closed an initial tranche of a private offering of secured  convertible notes and warrants for gross proceeds of around $1.1  million. The company will use the proceeds to support the ongoing  partnering discussions for both its Tovaxin T-cell program and its  stem-cell platform. Participating in the financing were existing  shareholders, consisting of institutional investors, private individuals  and members of Opexa's board of directors.

The initial tranche of the placement notes maturing in April 2011 closed  on April 14, 2009. The notes accrue