Acer finds public path via Opexa merger

Rare disease company Acer Therapeutics Inc. (Cambridge, Mass.) will merge with gene therapy company Opexa Therapeutics Inc. (NASDAQ:OPXA) to form a publicly traded company that will retain Acer's name. The combined company intends to submit an NDA in 1H18 for Acer's lead program Edsivo celiprolol (ACER-002) to treat vascular Ehlers-Danlos syndrome, a collagen production disorder.

Concurrently with the merger, a syndicate led by existing shareholder TVM Capital Life Sciences will invest $15.7 million to receive 25% of the combined company, excluding shares they already hold. Acer's existing shareholder base will own 63.8% of the combined company, and Opexa shareholders will own 11.2%. TVM previously led Acer’s $4.1 million series A and $8.2 million series B rounds. The series A round included Bukwang Pharmaceutical Co. Ltd. (Seoul, South Korea). The companies declined to name the participants in the new financing or provide additional details...