“In addition to augmenting our staff with excellent individuals, we have significantly strengthened our Scientific Advisory Board through the appointment of Dr. Mark Freedman, M.D. and our Board of Directors with the appointment of Gail Maderis. Dr. Freedman is one of the world’s leading experts in MS and will be invaluable as we move into the next clinical trial with Tovaxin. Ms. Maderis spent years as a senior pharmaceutical executive previously at Genzyme and also developed strong expertise in the industry as a biotech entrepreneur and CEO and brings a wealth of experience to the Board. We are grateful for their support and guidance.”

“As of September 30, 2011, our cash and cash equivalents totaled approximately $8.6 million and our current monthly burn rate was approximately $450,000,” continued Mr. Warma. “At the current burn rate, we should have sufficient capital to support our operations at their current level through 2012. Moving forward, we expect to maintain our focus on implementing operational steps in anticipation of continuing the clinical study of Tovaxin and working to secure the necessary resources to support such a study.”

Third Quarter Financial Results

Opexa reported no commercial revenues in the three and nine months ended September 30, 2011 or in the comparable prior-year periods.

Research and development expenses were $654,772 and $2,194,141 for the three and nine months ended September 30, 2011, respectively, compared with $625,282 and $2,193,919 for the three and nine months ended September 30, 2010, respectively. The increase for the three months ended September 30, 2011 compared to the three months ended September 30, 2010 was due to increased staff associated with development activities and an increase in associated laboratory costs and supplies, and was partially offset by a decrease in the engagement of consultants.

General and administrative expenses for the three and nine months ended September 30, 2011 were $584,794 and $1,737,686, respectively, compared with $626,697 and $1,706,546 for the three and nine months ended September 30, 2010, respectively. The decrease for the three months ended September 30, 2011 compared to the three months ended September 30, 2010 was due to a decrease in compensation expense, and was partially offset by an increase in business development expenses. The increase for the nine months ended September 30, 2011 compared to the nine months ended September 30, 2010 was due to an increase in costs related to business development expenses, increased investor relations outreach costs and an increase in stock compensation expense, and was partially offset by a decrease in legal costs.

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