FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         	UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  	OMB APPROVAL
OMB Number: 3235-0287
Expires: January 31, 2008 
Estimated average burden
hours per response... 0.5	
                      	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940	                      	

1. Name and Address of Reporting Person *

Magnetar Financial LLC	2. Issuer Name and Ticker or Trading Symbol

Opexa Therapeutics, Inc. [ OPXA ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      __ X __ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)	
(Last)          (First)          (Middle)

1603 ORRINGTON AVE., 13TH FLOOR	3. Date of Earliest Transaction (MM/DD/YYYY)

6/20/2006		
(Street)

EVANSTON, IL 60201
(City)        (State)        (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)

 	6. Individual or Joint/Group Filing (Check Applicable Line)

___ Form filed by One Reporting Person
_ X _ Form filed by More than One Reporting Person	

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned	
1.Title of Security
(Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code
(Instr. 8)	4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)	5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)	
			Code	V	Amount	(A) or (D)	Price				
Common Stock  	6/20/2006  	 	P	  	500  	A	$9.5  	672685  	I  	See Footnote   (1)	
Common Stock  	6/20/2006  	 	P	  	70  	A	$9.5  	672755  	I  	See Footnote   (1)	
Common Stock  	6/20/2006  	 	P	  	60  	A	$9.5  	672815  	I  	See Footnote   (1)	
Common Stock  	6/26/2006  	 	S	  	2000  	D	$8.5  	670815  	I  	See Footnote   (1)	
Common Stock  	6/26/2006  	 	S	  	2500  	D	$7.55  	668315  	I  	See Footnote   (1)	

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)	
1. Title of Derivate Security
(Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code
(Instr. 8)	5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)	6. Date Exercisable and Expiration Date	7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)	8. Price of Derivative Security
(Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)	
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares					

Explanation of Responses:	
(  1) 	These shares of the Issuer's common stock, $.05 par value per share ("Shares), are held for the account of Magnetar Capital Master Fund, Ltd., a Cayman Islands exempted company ("Magnetar Capital Master Fund"). Magnetar Financial LLC, a Delaware limited liability company ("Magnetar Financial"), serves as the Investment Adviser to the Magnetar Capital Master Fund. Magnetar Capital Partners LP, a Delaware limited partnership ("Magnetar Capital Partners"), serves as the sole member and parent holding company of Magnetar Financial. Magnetar Financial is a registered investment adviser under Section 203 of the Investment Advisers Act of 1940, as amended. In such capacity, Magnetar Financial exercises voting and investment power over the Shares held for the account of Magnetar Capital Master Fund. Supernova Management LLC, a Delaware limited liability company ("Supernova"), is the general partner of Magnetar Capital Partners. The manager of Supernova is Mr. Alec N. Litowitz.	

Reporting Owners	
Reporting Owner Name / Address	Relationships	
	Director	10% Owner	Officer	Other	
Magnetar Financial LLC
1603 ORRINGTON AVE.
13TH FLOOR
EVANSTON, IL 60201		X			
Magnetar Capital Partners LLC
1603 ORRINGTON AVE.
13TH FLOOR
EVANSTON, IL 60201		X			
Supernova Management LLC
1603 ORRINGTON AVENUE, 13TH FLOOR
EVANSTON, IL 60201		X			
Litowitz Alec N
C/O MAGNETAR FINANCIAL LLC
1603 ORRINGTON AVENUE, 13TH FLOOR
EVANSTON, IL 60201		X			

Signatures		
By: /s/ Alec N. Litowitz, as Manager of Supernova Management LLC, as General Partner of Magnetar Capital Partners LP, as Sole Member of Magnetar Financial LLC		6/28/2006	
** Signature of Reporting Person		Date
	
By: /s/ Alec N. Litowitz, as Manager of Supernova Management LLC, as General Partner of Magnetar Capital Partners LP		6/28/2006	
** Signature of Reporting Person		Date
	
By: /s/ Alec N. Litowitz, as Manager of Supernova Management LLC		6/28/2006	
** Signature of Reporting Person		Date
	
/s/ Alec N. Litowitz		6/28/2006	
** Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.	
*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).	
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).	
Note:	File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.	
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.