Under the agreement, Opexa will receive an upfront cash payment of $3 million, plus an additional $1 million as a technology transfer fee to be paid over the course of a six month period.

Total payments to Opexa, including the upfront payment, the technology transfer fee and development and commercial milestone payments could exceed $50 million not including royalties.

Opexa said it is also eligible to receive royalty payments from the sale of any products resulting from the use of the technology and retains an option on certain manufacturing rights.

Opexa also said it assigned the license agreement it had entered into with the University of Chicago, to Novartis.

Shares of Opexa closed at 47 cents a share Thursday on Nasdaq. They were trading up before the bell.

(Reporting by Jennifer Robin Raj in Bangalore; Editing by Jarshad Kakkrakandy)

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