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7. Subsequent Events
3 Months Ended
Mar. 31, 2015
Subsequent Events [Abstract]  
7. Subsequent Events

On March 16, 2015, Opexa distributed at no charge to holders of its common stock and to holders of its outstanding Series L warrants who were entitled to participate in the offering (the “Rights Offering”), as of 5:00 p.m., Eastern Time, on the record date of March 13, 2015, non-transferable subscription rights (“Subscription Rights”) to purchase up to 28,776,419 “Units” at a subscription price of $0.55 per unit (the “Subscription Price”). Each Subscription Right entitled holders to purchase one unit (the “Basic Subscription Right”), consisting of one share of Opexa’s common stock and a warrant (a “Series M warrant”) representing the right to purchase one share of Opexa’s common stock. The Series M warrants entitle the holder to purchase one share of Opexa’s common stock at an exercise price of (i) $0.50 per share from the date of issuance (April 9, 2015) through June 30, 2016 and (ii) $1.50 per share from July 1, 2016 through their expiration three years from the date of issuance.  If a holder fully exercised the holder’s Basic Subscription Rights, and other shareholders or warrant holders did not fully exercise their Basic Subscription Rights, the holder was entitled to an oversubscription privilege to purchase a portion of the unsubscribed units at the Subscription Price, subject to proration and ownership limitations (the “Over-Subscription Privilege”). The Subscription Rights expired at 5:00 p.m., Eastern Time, on April 8, 2015.

 

Opexa raised $13,804,140 in gross proceeds, before expenses, through subscriptions for 25,098,437 units, including the exercise of Over-Subscription Privileges. Net proceeds, after deduction of fees and expenses, including dealer-manager fees, are expected to be approximately $12 million. Opexa issued an aggregate of 25,098,437 shares of common stock and Series M warrants for a like number of shares.