Stockholders' Equity

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Stockholders' Equity

4. Stockholders’ Equity

The Company amended its certificate of incorporation to increase the total number of authorized shares of capital stock from 203,000,000 to 303,000,000 and to increase the number of authorized shares of common stock, par value $0.01 per share, of the Company from 200,000,000 shares to 300,000,000 shares.  The amendment was approved and adopted by a vote of the stockholders at the Company’s annual meeting of stockholders on June 2, 2016.

On May 11, 2015, the Company completed an underwritten offering of 23,000,000 shares of its common stock at a price to the public of $2.00 per share. The Company received net proceeds of approximately $42.9 million after deducting underwriting discounts, commissions and offering expenses paid by the Company. The Company has used the net proceeds from the offering for general corporate purposes including research and development activities.