MidCap Secured Loan Facility (Tables)

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

Schedule Showing Allocation of Secured Loan Facility to Notes Payable and Midcap Warrants

The proceeds of the secured loan facility were allocated to the note payable and Midcap warrants (which qualified for equity accounting) based on their relative fair values, as follows:

Note payable	$	19,013,648
MidCap warrant		986,352
Total proceeds	$	20,000,000

Schedule of Fair Value of Warrants Based Upon the Black Scholes Valuation Model Assumptions

The fair value of the warrants was determined based upon the Black Scholes valuation model using the following key assumptions:

Market price of stock	$	4.41
Term of warrant		5 years
Volatility		81.05	%
Risk free interest rate		2.9	%

Future Maturities of MidCap Obligation

The following table represents future maturities of the MidCap obligation as of September 30, 2014:

Years ending September 30,
2015		8,000,000
2016		6,666,667
Total maturities		14,666,667
Unamortized discount		(575,371	)
Total Midcap obligation	$	14,091,296