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news.Opexa Therapeutics, a company engaged in the development of patient-specific cellular therapies for the treatment of autoimmune diseases, has reported a net loss of $1.29m for the third quarter ended 30 September 2010, or $0.07 loss per diluted share, compared to net income of $2.22m, or $0.14 loss per diluted share, for the comparable period in 2009.
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Opexa’s operating loss was $1.29m, compared to $1.21m for the comparable period in 2009.
For the nine months ended 30 September 2010, the company has posted a net loss of $4.53m, or $0.27 loss per diluted share, compared to $279.98m, or $0.02 loss per diluted share, for the year ago period.
The company’s operating loss for the nine months ended 30 September 2010 was $4.04m, compared to $3.39m for the year ago period.
Opexa president and CEO Neil Warma said that during the third quarter of 2010, they remained focused on positioning the company for further clinical studies with Tovaxin.
"We are actively preparing for meetings with the FDA which we reasonably expect to take place toward the end of the year and are finalizing the documents and reports that will support these important discussions, Warma said.
"As of the end of the third quarter, September 30, 2010, the cash and cash equivalents totaled approximately $4.7m and the monthly burn rate for the year through the third quarter was approximately $380,000.
"At the current burn rate, we believe that while we have sufficient capital to support our operations, at current levels, through 2011, we will need to raise additional capital to support our operations."