Opexa concludes $3 million PIPE; Discovery takes A$8.19 million; VIPR plans C$1.2 million offering

By Devika Patel

Knoxville, Tenn., Aug. 13 - Opexa Therapeutics, Inc. concluded a $3 million private placement of units for clinical development of Tovaxin, a treatment for multiple sclerosis.

Meanwhile, Australia's Discovery Metals Ltd. said it took in A$8.19 million in a stock sale.

And Canada's VIPR Industries Inc. said it hopes to complete a C$1.2 million private placement. The Toronto-based company's shares (Pink Sheets: VIPR) did not take the news well, falling 10.34% Wednesday, or 6 cents, to close at $0.52.

Opexa: $3 million

Opexa Therapeutics said it took in $3 million through a sale of its units.

The Woodlands, Texas-based company sold 2,003,874 units of one common share and one warrant at either $1.48 per unit or $1.655 per unit for affiliated investors. Each warrant is exercisable at $1.78 for four years.

Proceeds will be used to support the ongoing clinical development of Tovaxin, a new treatment for multiple sclerosis. Data from the company's Tovaxin phase 2b clinical trial are expected to be presented in September.

Insiders, along with new institutional investors Lehman Brothers and Diker Management, LLC, joined existing shareholders to complete the financing.

"The financial support of new institutional investors, as well as our current investors and board, in advance of the results from our Tovaxin phase 2b clinical study demonstrates an important vote of confidence for Opexa," Opexa president and chief executive officer Neil K. Warma said in a press release.

Opexa develops and commercializes cell therapies to treat autoimmune diseases such as multiple sclerosis, rheumatoid arthritis and diabetes.

The company's shares (Nasdaq: OPXA) fell 0.58%, or 1 cent, to close at $1.70 on Wednesday.

Discovery sees A$8 million

Brisbane, Australia-based Discovery Metals said it completed an A$8.19 million private placement of stock.

The company sold 19.5 million common shares at A$0.42 apiece to investors in Australia and Botswana. Capital Corporate Finance was the agent in Botswana.

Proceeds will be applied toward progressing the company's bankable feasibility study at the Boseto Copper project and for corporate costs.

Discovery Metals acquires nickel-copper exploration and development projects.

"The financing, which was carried out at the prevailing market price for Discovery Metals' shares, provides a solid financial platform for the company as it progresses with its bankable feasibility study on the Boseto Copper Project in north-west Botswana," Discovery Metals managing director Brad Sampson said in a news release.

"This is an excellent result for the company and I am extremely pleased with the continued support of the company from a number of existing major shareholders in Botswana and Australia," Sampson continued. "The funds raised will enable the company to rapidly progress the bankable feasibility study on the Boseto Copper project.

"It is our plan to bring the project into production as soon as possible."

The company's shares (Australia: DML) were unchanged, closing at A$0.395 on Wednesday.

VIPR plans C$1.2 million

VIPR Industries, a precious metals exploration and development company, saw its shares decline as much as 27.5% intraday and close lower by 10.3% Wednesday after announcing that it plans to raise C$1.2 million in a private placement.

The company offered no details on the financing, not even specifying what type of security it plans to offer.

Proceeds will be used to fund further exploration of VIPR Industries' gold and uranium properties, including a drilling program at its Singida Gold Property presently scheduled for early 2009, in addition to working capital and corporate purposes.

This week the company reported positive phase 1 exploration results from a grab sample program at its Singida Gold Property confirming gold mineralization. In addition, surveys of the company's Itigi Manyoni Uranium Property have identified uranium anomalies indicating strong potential for significant uranium mineralization.

"With preliminary exploration work yielding positive results we are eager to proceed to the next phase of exploration," the company's president and chief executive officer, Mike Gerstner, said in a press release.

"We are currently in positive discussions with institutional investors and private accredited investors outside of the United States," Gerstner added.

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