September 19, 2008 / 9:10 PM / 11 years ago

UPDATE 1-Opexa drug trial fails; shares plummet

(Recasts, adds details, share movement)

Sept 19 (Reuters) - Opexa Therapeutics Inc OPXA.O said a mid-stage trial of its treatment for multiple sclerosis failed to meet its main and secondary goals, wiping out more than 94 percent of its market value.

The drug developer said the results of tovaxin, its multiple sclerosis vaccine, was not statistically significant against a dummy drug but it had a favorable safety profile.

Opexa plans to complete a comprehensive analysis of data and meet the U.S. Food and Drug Administration during the first half of 2009 to discuss further development of tovaxin.

Shares of the company lost $2.12 and closed at $0.22 Friday on Nasdaq. (Reporting by Anand Basu in Bangalore; Editing by Gopakumar Warrier)

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