Opexa Therapeutics, Inc. (OPXA) saw its loss narrow to $7.98 million, or $1.13 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $12.02 million, or $2.05 a share.
Revenue during the year grew 13.65 percent to $2.91 million from $2.56 million in the previous year.
Operating loss for the year was $7.99 million, compared with an operating loss of $12.09 million in the previous year.
"During 2016, the focus of our efforts was on conducting and completing the Abili-T study, the Phase 2b clinical trial in patients with Secondary Progressive Multiple Sclerosis (SPMS) using Opexa's T-cell immunotherapy, Tcelna," said Neil K. Warma, president and chief executive officer of Opexa. "We reported the top-line results of this study in Q4 2016 and were disappointed by the outcome, which showed that the trial did not meet the predefined endpoints. KBI also paid Opexa a lump sum for Opexa's manufacturing and laboratory equipment. In addition to providing us some cash, it also eliminated key liabilities for Opexa. We are focused on cash preservation as we evaluate our strategic opportunities and have conducted two reductions in head count over the past several months."
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