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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G/A

Under the Securities Exchange Act of 1934
(Amendment No. 1)*

Opexa Therapeutics, Inc.

(Name of Issuer)

Common Stock, $.50 par value

(Title of Class of Securities)

68372T103

(CUSIP Number)

December 31, 2007

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

     o Rule 13d-1(b)

     ý Rule 13d-1(c)

     o Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

Page 1 of  9

CUSIP No. 68372T103  13G/A 

1	NAMES OF REPORTING PERSONS Victory Park Capital Advisors, LLC
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
	(a)   o
	(b)   o
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION
	Delaware
		5	SOLE VOTING POWER
NUMBER OF			0
SHARES		6	SHARED VOTING POWER
BENEFICIALLY
OWNED BY			671,546*
EACH		7	SOLE DISPOSITIVE POWER
REPORTING
PERSON			0
WITH:		8	SHARED DISPOSITIVE POWER
			671,546*
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	671,546*
10	CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
	o
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
	9.99%
12	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
	OO

* Excludes 294,593 shares issuable upon exercise of warrants to acquire 320,000 shares of common stock of Opexa Therapeutics, Inc. (“Common Stock”) which are subject to so-called “blocker” provisions prohibiting the holder from exercising the warrants to the extent that such exercise would result in the holder being deemed the beneficial owner of more than 9.99% of the issued and outstanding shares of Common Stock.

Page 2 of  9

CUSIP No. 68372T103  13G/A 

1	NAMES OF REPORTING PERSONS Victory Park Master Fund, Ltd.
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
	(a)   o
	(b)   o
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION
	Cayman Islands
		5	SOLE VOTING POWER
NUMBER OF			0
SHARES		6	SHARED VOTING POWER
BENEFICIALLY
OWNED BY			671,546*
EACH		7	SOLE DISPOSITIVE POWER
REPORTING
PERSON			0
WITH:		8	SHARED DISPOSITIVE POWER
			671,546*
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	671,546*
10	CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
	o
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
	9.99%
12	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
	OO

* Excludes 294,593 shares issuable upon exercise of warrants to acquire 320,000 shares of common stock of Opexa Therapeutics, Inc. (“Common Stock”) which are subject to so-called “blocker” provisions prohibiting the holder from exercising the warrants to the extent that such exercise would result in the holder being deemed the beneficial owner of more than 9.99% of the issued and outstanding shares of Common Stock.

Page 3 of  9

CUSIP No. 68372T103  13G/A 

1	NAMES OF REPORTING PERSONS Jacob Capital, L.L.C.
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
	(a)   o
	(b)   o
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION
	Illinois
		5	SOLE VOTING POWER
NUMBER OF			0
SHARES		6	SHARED VOTING POWER
BENEFICIALLY
OWNED BY			671,546*
EACH		7	SOLE DISPOSITIVE POWER
REPORTING
PERSON			0
WITH:		8	SHARED DISPOSITIVE POWER
			671,546*
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	671,546*
10	CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
	o
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
	9.99%
12	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
	OO

* Excludes 294,593 shares issuable upon exercise of warrants to acquire 320,000 shares of common stock of Opexa Therapeutics, Inc. (“Common Stock”) which are subject to so-called “blocker” provisions prohibiting the holder from exercising the warrants to the extent that such exercise would result in the holder being deemed the beneficial owner of more than 9.99% of the issued and outstanding shares of Common Stock.

Page 4 of  9

CUSIP No. 68372T103  13G/A 

1	NAMES OF REPORTING PERSONS Richard Levy
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
	(a)   o
	(b)   o
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION
	USA
		5	SOLE VOTING POWER
NUMBER OF			0
SHARES		6	SHARED VOTING POWER
BENEFICIALLY
OWNED BY			671,546*
EACH		7	SOLE DISPOSITIVE POWER
REPORTING
PERSON			0
WITH:		8	SHARED DISPOSITIVE POWER
			671,546*
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	671,546*
10	CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
	o
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
	9.99%
12	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
	IN

* Excludes 294,593 shares issuable upon exercise of warrants to acquire 320,000 shares of common stock of Opexa Therapeutics, Inc. (“Common Stock”) which are subject to so-called “blocker” provisions prohibiting the holder from exercising the warrants to the extent that such exercise would result in the holder being deemed the beneficial owner of more than 9.99% of the issued and outstanding shares of Common Stock.

Page 5 of  9

CUSIP No. 68372T103  13G/A 

Item 1(a)	Name of Issuer:
	Opexa Therapeutics, Inc. (the “Issuer”)
Item 1(b)	Address of Issuer’s Principal Executive Offices:
	2635 North Crescent Ridge Drive The Woodlands, TX 77381
Item 2(a)	Name of Person Filing:
	Victory Park Capital Advisors, LLC Victory Park Master Fund, Ltd. Jacob Capital, L.L.C. Richard Levy
	Victory Park Capital Advisors, LLC is the investment manager for Victory Park Master Fund, Ltd. Jacob Capital, L.L.C. is the manager of Victory Park Capital Advisors, LLC. Richard Levy is the sole member of Jacob Capital, L.L.C.
Item 2(b)	Address of Principal Business Office or, if none, Residence:
	The business address for each of the reporting persons, other than Victory Park Master Fund, Ltd., is 227 West Monroe Street, Suite 3900, Chicago, Illinois 60606. The business address for Victory Park Master Fund, Ltd. is c/o Walkers SPV Limited, Walker House, 87 Mary Street, George Town, Grand Cayman, KY1 9002 Cayman Islands.
Item 2(c)	Citizenship:
	Victory Park Capital Advisors, LLC is a Delaware limited liability company. Victory Park Master Fund, Ltd. is a Cayman Islands exempted company. Jacob Capital, L.L.C. is an Illinois limited liability company. Richard Levy is a citizen of the United States.
Item 2(d)	Title of Class of Securities:
	Common Stock, par value per share $.50
Item 2(e)	CUSIP Number:
	68372T103
Item 3.	If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
	Not Applicable
Item 4.	Ownership:
	As of December 31, 2007:
(a)	Amount beneficially owned:

Victory Park Capital Advisors, LLC 671,546 shares

Page 6 of 9

CUSIP No. 68372T103  13G/A 

Victory Park Master Fund, Ltd.	671,546 shares
Jacob Capital, L.L.C.	671,546 shares
Richard Levy	671,546 shares

Each of the reporting persons may be deemed to be the beneficial owner of warrants to acquire 320,000 shares of the Issuer’s common stock. Victory Park Master Fund, Ltd. is the record holder of the warrants. The warrants contain a contractual provision blocking exercise of the warrants when the holder beneficially owns more than 9.99% of the issued and outstanding shares of the Issuer’s common stock. Accordingly, based on the number of outstanding shares of the Issuer’s common stock as reported in the Issuer’s Quarterly Report on Form 10-QSB/A for the period ended September 30, 2007, 294,593 of the shares underlying the warrants are not exercisable and consequently, the shares underlying the warrants have not been included in the number of shares beneficially owned by the reporting persons.

(b)

Percent of class:

Victory Park Capital Advisors, LLC	9.99	%
Victory Park Master Fund, Ltd.	9.99	%
Jacob Capital, L.L.C.	9.99	%
Richard Levy	9.99	%

     (c) Number of shares as to which the person has:

(i)      Sole power to vote or to direct the vote

Victory Park Capital Advisors, LLC	0 shares
Victory Park Master Fund, Ltd.	0 shares
Jacob Capital, L.L.C.	0 shares
Richard Levy	0 shares

(ii)      Shared power to vote or to direct the vote

Victory Park Capital Advisors, LLC	671,546 shares
Victory Park Master Fund, Ltd.	671,546 shares
Jacob Capital, L.L.C.	671,546 shares
Richard Levy	671,546 shares

(iii)      Sole power to dispose or direct the disposition of

Victory Park Capital Advisors, LLC	0 shares
Victory Park Master Fund, Ltd.	0 shares
Jacob Capital, L.L.C.	0 shares
Richard Levy	0 shares

(iv)      Shared power to dispose or to direct the disposition of

Victory Park Capital Advisors, LLC	671,546 shares
Victory Park Master Fund, Ltd.	671,546 shares
Jacob Capital, L.L.C.	671,546 shares
Richard Levy	671,546 shares

Item 5.	Ownership of Five Percent or Less of a Class:
	Not applicable

Page 7 of  9

CUSIP No. 68372T103  13G/A 

Item 6.	Ownership of More than Five Percent on Behalf of Another Person:
	Not Applicable.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company:
	Not Applicable.
Item 8.	Identification and Classification of Members of the Group:
	Not Applicable.
Item 9.	Notice of Dissolution of Group:
	Not Applicable.
Item 10.	Certification:
	By signing below each of Victory Park Capital Advisors, LLC, Victory Park Master Fund, Ltd., Jacob Capital, L.L.C. and Richard Levy certify that, to the best of such reporting person’s knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

SIGNATURE

     After reasonable inquiry and to the best of their knowledge and belief, each of Victory Park Capital Advisors, LLC, Victory Park Master Fund, Ltd., Jacob Capital, L.L.C. and Richard Levy certify that the information set forth in this statement is true, complete and correct.

Date: February 13, 2008
VICTORY PARK CAPITAL ADVISORS, LLC
By:	Jacob Capital, L.L.C., its Manager
By:	/s/ Richard Levy
	Name:	Richard Levy
	Title:	Sole Member

Page 8 of  9

CUSIP No. 68372T103  13G/A 

VICTORY PARK MASTER FUND, LTD.
By:	/s/ Richard Levy
	Name:	Richard Levy
	Title:	Attorney-in-Fact*

JACOB CAPITAL, L.L.C.
By:	/s/ Richard Levy
	Name:	Richard Levy
	Title:	Sole Member

/s/ Richard Levy  

Richard Levy 

*Power of Attorney previously filed 

Page 9 of  9