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Acer Therapeutics unveils merger to reboot Opexa Therapeutics

Last updated: 14:30 03 Jul 2017 EDT, First published: 03:47 03 Jul 2017 EDT

deal done, handshake
Acer shareholders will own 88% of the enlarged company

Privately owned drugs developer Acer Therapeutics has agreed a deal to merge with Opexa Therapeutics Inc (NASDAQ:OPXA).

By switching into Opexa, Acer Therapeutics is effectively rebooting the Nasdaq-listed group, which stalled in the clinic in late 2016. Opexa had been undergoing a review since an unsuccessful Phase 2 drug trial for a potential multiple sclerosis treatment.

Acer’s shareholder base will be holding some 88% of the enlarged company’s stock as a result of the proposed merger, which coincides with a new US$15.7mln fund raise.

Chris Schelling, Acer founder and chief executive, said the company is looking forward to engaging with a broader pool of investors following the merger.

“Acer's goal is to become a leading pharmaceutical company that acquires, develops and commercializes therapies for the treatment of patients with serious rare diseases with critical unmet medical need," Schelling said.

It is anticipated that Acer will file a new drug application in the first half 2018 for its lead product EDSIVO, which is a treatment for vascular Ehlers-Danlos Syndrome (vEDS).

Schelling highlighted: “We have committed significant resources to rapidly advance our lead candidate EDSIVO, a potential life-saving therapy for patients with vEDS.

“We believe that the proceeds from the concurrent financing will allow us to advance EDSIVO through NDA submission with the FDA in the first half of 2018.

“As a public company, we look forward to engaging with a broader pool of investors as we seek to advance and expand our pipeline and make multiple products available to patients over the next several years."

Opexa chief executive Neil Warma, meanwhile, said: “We have chosen to combine with Acer following an extensive review of strategic alternatives.

“Acer's lead asset, EDSIVO, could be on the market within the next two years.

“This factor, together with Acer's strategic vision, pipeline, the recently secured financing and Acer's strong management team, provides Opexa shareholders with an opportunity for growth in the value of their shares."

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