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Opexa Therapeutics Reports Third Quarter 2011 Financial Results And Provides Corporate Update

Stocks in this article: OPXA

Depreciation and amortization expense for the three and nine months ended September 30, 2011 was $56,888 and $157,254, respectively, compared with $37,647 and $136,022 for the three and nine months ended September 30, 2010, respectively. The increase was due to an increase in depreciation for facility buildout costs incurred during 2011, an increase in depreciation for laboratory and manufacturing equipment acquired during 2011 and an increase in depreciation for information technology equipment to replace and upgrade obsolete equipment.

Interest expense for the three and nine months ended September 30, 2011 was $638 and $2,643, respectively, compared with $2,004 and $499,200 for the three and nine months ended September 30, 2010, respectively. The decrease in expense for the nine months ended September 30, 2011 compared to the nine months ended September 30, 2010 was primarily related to the amortized interest incurred during the first half of 2010 and the amortization of the remaining discount and deferred financing fees in conjunction with the June 23, 2010 conversion of the 10% Convertible Promissory Notes.

Opexa reported a net loss for the three months ended September 30, 2011 of $1.30 million, or ($0.06) per share, and a net loss for the nine months ended September 30, 2011 of $4.09 million, or ($0.18) per share. For the same three month and nine month periods ending September 30, 2010, Opexa reported a net loss of $1.29 million, or ($0.07) per share, and $4.53 million, or ($0.27) per share, respectively.

Cash and cash equivalents were $8,639,856 as of September 30, 2011 compared to $4,733,445 as of September 30, 2010.

Further details can be found in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2011.

About Opexa

Opexa Therapeutics, Inc. is dedicated to the development of patient-specific cellular therapies for the treatment of autoimmune diseases such as multiple sclerosis (MS). The Company’s leading therapy, Tovaxin®, is a personalized cellular immunotherapy treatment that is in late stage clinical development for MS. Tovaxin is derived from T-cells isolated from peripheral blood, expanded ex vivo, and reintroduced into the patients via subcutaneous injections. This process triggers a potent immune response against specific subsets of autoreactive T-cells known to attack myelin and, thereby, reduces the risk of relapse over time.

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