Opexa Therapeutics completes registered direct offering

Opexa Therapeutics, Inc. (NASDAQ:OPXA), a company developing Tovaxin®, a novel T-cell therapy for multiple sclerosis (MS), today announced that it has completed its registered direct offering with several institutional investors to sell 2,550,000 units, each unit consisting of one share of Opexa common stock, a five-year Series A warrant to purchase 0.35 of an additional share of Opexa common stock, and a one-year Series B warrant to purchase 0.15 of an additional share of Opexa common stock.

The price of the securities sold was $2.00 per unit, for an aggregate purchase price of $5.1 million. Pursuant to a securities purchase agreement between Opexa and the investors in this offering, the warrants are exercisable at $2.55 per share and are first exercisable on June 15, 2010. The Series A Warrants expire on June 15, 2015 and the Series B Warrants expire on June 15, 2011.

As previously announced, Opexa intends to use the net proceeds from the offering for general corporate purposes, including activities related to further clinical development of Tovaxin® and for other working capital and operational purposes. This financing increases the Company’s current cash position to approximately $9 million.

The shares and warrants were sold by Opexa pursuant to a shelf registration statement declared effective by the Securities and Exchange Commission on November 23, 2009 and an automatically effective amendment to that registration statement on December 9, 2009.

Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM - News), acted as exclusive placement agent for the offering.