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&lt;p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"&gt;&lt;font style="FONT-FAMILY: Times New Roman" size="2"&gt;&lt;b&gt;Note 5. Deferred
Financing Costs&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"&gt;
&lt;font style="FONT-FAMILY: Times New Roman" size="2"&gt;Deferred
financing costs at March&amp;#xA0;31, 2013 consist of costs incurred
from third parties in conjunction with the July 2012 Notes. The
costs in connection with the debt financing were capitalized and
are amortized to interest expense over the term of the related
debt. As of March&amp;#xA0;31, 2013, the unamortized deferred financing
costs totaling $158,540 are reported as deferred financing costs in
the consolidated balance sheets. During the quarter ended
March&amp;#xA0;31, 2013, Opexa amortized $52,939 of deferred financing
costs as interest expense.&lt;/font&gt;&lt;/p&gt;
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