“We ended the year with approximately $7.1 million in cash and cash equivalents. Our monthly cash burn during 2011 was approximately $470,000. As we prepare for and proceed toward the initiation of a Phase IIb clinical study in North America, we expect substantial increases in our monthly cash burn. Moving forward, in order to initiate the trial we will need to secure additional financing either through a potential partnership or additional capital raise, and this will be an important focus for us over the coming months,” commented Mr. Warma.Year Ended December 31, 2011 Financial Results Opexa reported no commercial revenues in the year ended December 31, 2011 or in the comparable prior-year period. Research and development expenses were $3,340,038 for 2011, compared with $2,584,734 for 2010. The increase in expenses was primarily due to an increase in personnel, an increase in development fees, an increase in facilities costs and the initiation of key experiments in preparation for our next clinical trial, and was partially offset by a decrease in the engagement of consultants and a decrease in stock compensation expense. The increase in expenses compared to the prior year was also due in part to a one-time $244,479 credit received from the Internal Revenue Service during 2010 for the Qualifying Therapeutic Discovery Grant for qualifying 2009 research and development expenses. General and administrative expenses for 2011 were $2,406,269 compared with $2,216,043 for 2010. The increase in expense is due to an increase in business development costs, an increase in investor relations outreach, an increase in stock compensation expense and an increase in facilities costs, and was partially offset by a reduction in professional service fees. Depreciation and amortization expenses for 2011 were $210,252 compared with $168,843 for 2010. The increase in expense is due to an increase in depreciation for facility build out 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 acquired during 2011.