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Opexa Therapeutics Reports Third Quarter 2012 Financial Results And Provides Corporate Update

General and administrative expenses for the three and nine months ended September 30, 2012 were $532,474 and $1,878,236, respectively, compared with $584,794 and $1,737,686 for the three and nine months ended September 30, 2011, respectively. The decrease for the three months ended September 30, 2012 compared to the three months ended September 30, 2011 was primarily due to a decrease in business development expenses and was partially offset by increases in stock compensation expense and investor outreach activities. The increase for the nine months ended September 30, 2012 compared to the nine months ended September 30, 2011 was primarily due to increases in employee compensation expense, legal expenses, investor outreach and capital financing activities, and was partially offset by a decrease in business development expenses.

Depreciation and amortization expense for the three and nine months ended September 30, 2012 was $81,514 and $225,365, respectively, compared with $56,888 and $157,254 for the three and nine months ended September 30, 2011, respectively. The increase in expense is primarily due to increases in depreciation for facility build-out costs, and increases in depreciation for laboratory, manufacturing and information technology equipment acquired during 2011 and 2012.

Interest expense for the three and nine months ended September 30, 2012 was $151,029 and $152,002, respectively, compared with $638 and $2,643 for the three and nine months ended September 30, 2011, respectively. The increase in interest expense was primarily related to the amortized debt discount and interest on the July 25, 2012 convertible notes and the amortization of the financing fees over the life of the notes.

Opexa reported a net loss for the three months ended September 30, 2012 of $2.36 million, or ($0.10) per share, and a net loss for the nine months ended September 30, 2012 of $6.90 million, or ($0.20) per share. For the three month and nine month periods ending September 30, 2011, Opexa reported a net loss of $1.30 million, or ($0.06) per share, and $4.09 million, or ($0.18) per share, respectively.

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