Subsequent Event

9 Months Ended

Sep. 30, 2013

Subsequent Events [Abstract]

Subsequent Event

13. SUBSEQUENT EVENT

On October 29, 2013, the Company entered into a securities purchase agreement with certain accredited investors in connection with a $6.0 million registered offering of 4,228,181 shares of the Company’s common stock, fully paid prefunded warrants (“Series B Warrants”) to purchase up to 4,343,247 shares of its common stock and additional warrants (“Series A Warrants”) to purchase up to 6,857,142 shares of its common stock. The Series A Warrants are exercisable beginning on May 1, 2014 at a price of $0.85 per share and expire on May 1, 2019. The Series B Warrants are exercisable immediately for no additional consideration. These securities were offered and sold pursuant to the Company’s Prospectus dated October 25, 2013 and the Company’s Prospectus Supplement filed with the Securities and Exchange Commission (the “SEC”) on October 30, 2013, in connection with a takedown from the Company’s shelf registration statement on Form S-3 (File No.333-189118) post-effectively declared effective by the SEC on October 25, 2013. The offering closed on October 31, 2013.

On November 6, 2013, we announced that Rose Crane will, effective November 11, 2013, become Chief Executive Officer of the Company and be appointed to the Company’s Board of Directors. We also announced that effective with Ms. Crane’s appointment as Chief Executive Officer, Mr. Coradini will resign from the position of Interim Chief Executive Officer. Furthermore, effective upon Mr. Coradini’s resignation as Interim Chief Executive Officer, David Stone will resign as Chairman of the Board and Mr. Coradini will become Chairman.