XML 23 R11.htm IDEA: XBRL DOCUMENT v2.3.0.15
Subsequent Events
9 Months Ended
Sep. 30, 2011
Subsequent Events
Note 6.  Subsequent Events

On October 27, 2011, Opexa granted ten-year options to a non-employee director to purchase an aggregate of 23,423 shares of common stock at an exercise price of $1.05. Of such options, 20,000 shares vest one-third immediately and the remaining two-thirds on the first and second anniversary of the grant date, and 1,667 shares vest one-half immediately and one-half on April 5, 2011.  The remaining 1,756 option shares vest one-half immediately and one-half on December 31, 2011, and the options expire on the earlier of ten years or a change in control of the Company.
 
On November 2, 2011, Opexa entered into an Assignment Agreement and General Release with Novartis by which Opexa re-acquired certain novel stem cell technology assets previously transferred to Novartis pursuant to an Asset Purchase Agreement dated August 6, 2009.  Novartis recently advised Opexa that the advancement of the stem cell program was no longer a priority for Novartis, and that Novartis was willing to transfer the assets back to Opexa in exchange for a release with respect to any further payment obligations owed to Opexa by Novartis, including the remaining $500,000 technology transfer milestone payment.  In connection with the re-acquisition of the stem cell assets from Novartis, a related license agreement with the University of Chicago was assigned back to Opexa.