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Subsequent Events
9 Months Ended
Sep. 30, 2015
Notes to Financial Statements  
Note 8. Subsequent Events

On October 15, 2015, the Company appointed Mr. Michael Barch to its Scientific Advisory Board and issued Mr. Barch an option to purchase up to 7,500 shares of the Company's common stock at a price of $1.70 per share, the closing price of the Company's common stock as quoted on the OTCQB on October 15, 2015. The shares underlying the option may be exercised on a "cashless basis" using the formula contained therein and, subject to Mr. Barch's continued service with the Company, the shares underlying the option vest on April 15, 2016.

 

On November 1, 2015, the Company appointed Ms. Patricia Jeanne Riley as its Vice-President – Commercial Strategy and issued Ms. Riley an option to purchase up to 50,000 shares of the Company's common stock at a price of $1.65 per share, the closing price of the Company's common stock as quoted on the OTCQB on October 30, 2015. The shares underlying the option may be exercised on a "cashless basis" using the formula contained therein and, subject to Ms. Riley's continued service with the Company, the shares underlying the option vest in five equal installments of 10,000 shares on November 1, 2016-2020. Ms. Riley had previously served on the Company's Board of Advisors for which she was issued an option to purchase up to 7,500 shares of the Company's common stock, an option which she forfeited as part of her appointment.