This Is MS Multiple Sclerosis Community: Knowledge & Support

Only 19? Out of 150?

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“When everything seems to be going against you, remember that the airplane takes off against the wind, not with it.” - Henry Ford

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24-Nov-2008

Costs Associated with Exit or Disposal Activities



Item 2.05. Costs Associated with Exit or Disposal Activities
On November 21, 2008, the board of directors of Opexa Therapeutics (the "Company") approved a restructuring plan to terminate the one-year open label extension of the TERMS Phase IIb Clinical Trial of Tovaxin� therapy for multiple sclerosis (OLTERMS). The trial was enrolled with patients that had previously completed one year in the TERMS, Tovaxin Phase IIb multi-center, randomized, double blind, placebo-controlled trial. The Company is terminating OLTERMS in order to focus all of its financial resources on completing clinical data analysis, future clinical trial planning and seeking a development partner for Tovaxin. As a result of these circumstances, the Company will immediately reduce its staff of 29 to approximately 10 people. Personnel-related restructuring charges of approximately $120,000 are expected to be incurred in the fourth quarter of 2008. Employees directly affected by the restructuring plan will be provided with severance payments and continuation of benefits. The Company is exploring its strategic alternatives, including a clinical development partnership, merger with or acquisition by another company, further restructuring of the Company, or sale of the Company's assets and liquidation of the Company

Here is where I got the 19 Opexa employees who were axed. It didn't mention how many of the 150 who were notified at all........

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Diagnosed with MS in Feb. 14 2000! Was a Tovaxin guinea pig.

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I thought when I said "19 who got axed from Opexa" I thought it would be clear I meant employees, Sorry for the confusions, it was not my intent. When they lay off people where I work it is usually around the holiday season and I always think it is cold blooded.

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Diagnosed with MS in Feb. 14 2000! Was a Tovaxin guinea pig.

oo

Same here Bob. I was concerned about those of us who got axed not the employees! But they probably saw it coming way before we did and I bet they got a severance package...just a guess...we didn't get squat. Not even a termination appt! LOL!

It is sad when people lose their jobs before the holidays.

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“When everything seems to be going against you, remember that the airplane takes off against the wind, not with it.” - Henry Ford

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I've been so out of it over the past 5 weeks dealing with this flare that I've not been able to really pay much attention to what's been going on. Now that I am finished with the IVSM, maybe I can concentrate on what it all says.

Considering the fact that my site coordinator has kept me pretty much in the dark, I can only contribute what I read here and what I read in the press.

I just want to wake up and find out it's all been a bad dream!

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“When everything seems to be going against you, remember that the airplane takes off against the wind, not with it.” - Henry Ford

Me, too (or is that "threeth, fourth, or fifth???). Wryly amusing, if there is a such thing as laughing in the midst of all this misery, I still haven't gotten my "axing" phone call.

Shall we take odds on when--or IF--it comes this millennium?

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Jane the Pain

Gee Jane...maybe you're still in!!! LOL! You lucky dog! Merry Christmas!

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“When everything seems to be going against you, remember that the airplane takes off against the wind, not with it.” - Henry Ford

Had an MRI and neuro visit yesterday to decide which CRAB drug to start taking. For me, Copaxone was the best option as R, A & B could all potential mess with my already messed up thyroid. My daily injections will start right around Christmas - oh, joy!

My brain MRI showed one new lesion on the pons which was disappointing to me (I got the vaccine last year and hoped that meant I wouldn't have anything new upstairs), but that was the only thing new since last year's 3T, and it's not triggering any symptoms that I know of. No evidence of atrophy or ventricle weirdness, and no active lesions, so that's all good news. I had an attack last summer involving my right optic nerve (for which I tested MRTC negative during the attack - odd), but there wasn't any evidence of a lesion there, so that was a relief.

As for the Tovaxin trial, my neuro said that while it's hugely disappointing, it's best case scenario to have a trial cancelled due to funding vs. due to an adverse reaction by a study participant. In the event Opexa gets their data together and it looks promising, there is always the potential that they will receive more venture capital funds if they don't get acquired by a bigger company and then they can start a new trial. He said he had 11 other studies going, but none of them would be appropriate for me. If I hear of anything in the future, I will pass it on to the group.

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Bob,
In a best case scenario (I hate that overly used phrase) Tovaxin will not likely resurface for some time regardless of how great the data is. Corporate bucks and takeovers don't come quickly. That said, how many of us untreated Tovaxanites will still be waiting around for the phone call? I hope the best for Tovaxin but one really can't wait forever to get relief. I did that once with a love interest/model, it doesn't work (Bob, that is a joke, but not really). Moving on is in everyone's best interest. Now to an interesting question, we see all the data regarding reduced this and fewer that but has anyone seen data on those who are NOT and who WILL NOT submit to therapy? We had a Board meeting today and decided unanimously that our membership of nearly 60 generally does NOT. The worst affected of our group is on therapy without much change for the good. Maybe that is the rub, desperation breeds desperate actions. I'm a bit lost as to my future path. The Campath coordinator called me back and it seems my 2 "good" Tovaxin injections will probably exclude me. Thanks for the heads up Opexa!
Best for the Holidays,
Lars

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