Warrants

9 Months Ended

Sep. 30, 2011

8. WARRANTS

The status of the Company’s warrants at September 30, 2011 is summarized as follows:


	2007		2009		Total
Outstanding at December 31, 2010		346,781		200,000		546,781
Exercised		—		—		—
Forfeited		—		—		—
Expired		—		—		—

Outstanding at September 30, 2011		346,781		200,000		546,781

As previously discussed in connection with the Company’s private placement in August 2007 the Company issued warrants to purchase up to 500,041 shares of the Company’s common stock. At September 30, 2011, there were 346,781 of the 2007 warrants outstanding. The 2007 outstanding warrants are exercisable for five years at a price of $8.00 per share.

In addition, in connection with the May 7, 2009 CEFF with Kingsbridge Capital, the Company issued a 5 year warrant to Kingsbridge to purchase up to 200,000 shares of the Company’s common stock at an exercise price of $11.35 per share. This 200,000 share warrant is outstanding at September 30, 2011.

No warrants were exercised during the three and nine month periods ended September 30, 2011 and the three month period ended September 30, 2010. During the nine months ended September 30, 2010, warrants for the purchase of 263,549 shares of the Company’s common stock were exercised for total proceeds of approximately $1.7 million.