Opexa Therapeutics Inc., of The Woodlands, Texas, reported efficacy data showing that Tovaxin, a T-cell therapy for multiple sclerosis (MS), demonstrated a significant improvement in annualized relapse rate (ARR) compared to placebo in treatment-naïve patients in the Phase IIb TERMS study. In patients who had at least one relapse in the 12 months prior to enrolling in the study and who had no previous exposure to MS therapy, Tovaxin reduced the ARR by 64 percent vs. placebo (p = 0.046).