The company has reported a net loss of $1,433,922, or ($0.11) per share, compared with a net loss of $11,852,152, or ($1.12) per share.
Opexa has posted an operating loss of $4.94m, compared to $11.96m.
Interest income was $1,764, compared with $100,235 for 2008. The decrease was due to the reduction in cash balances that were available for investment in cash equivalent investments and a reduction in interest rates.
Gain on sale of assets was $3m, compared with $-0- for 2008. The gain is attributable to the sale of our stem cell technology program to Novartis for an upfront payment of $3m.
Other income for the year ended December 31, 2009 was $554,242, compared with $34,901 for 2008. The increase in other income is primarily attributable to the receipt of an initial $500,000 technology transfer fee milestone payment pursuant to the terms of the stem cell technology acquisition agreement with Novartis.
Neil Warma, president and CEO of Opexa, said: “The company showed resolve and commitment throughout 2009 and finished the year competitively having strengthened its balance sheet and having positioned Tovaxin as perhaps one of the more promising treatments in development for MS.
“Our focus over the next 6-12 months will be preparing for Tovaxin’s next clinical study, advancing regulatory and manufacturing activities and continuing our ongoing discussions with potential strategic partners regarding the further development of Tovaxin.”