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Subsequent Events
12 Months Ended
Dec. 31, 2015
Subsequent Events  
Subsequent Events

22. Subsequent Events

 

In January 2016, the Company entered into an amendment to the Settlement Agreement with RLS  to extend the time for RLS to manufacture the 15 final batches from June 30, 2016 to June 30, 2017.

 

On February 29, 2016, the Company entered into an At-the-Market Sales Agreement (the “Sales Agreement”) with BTIG, LLC (“BTIG”), pursuant to which the Company may sell at its option from time to time up to an aggregate of $30 million in shares of the Company’s common stock, through BTIG, as sales agent (the “Offering”). Sales of the common stock made pursuant to the Sales Agreement, if any, will be made under the Company’s previously filed and currently effective Registration Statement on Form S-3 (File No. 333-205420) and a related prospectus supplement.


The Company will pay BTIG a commission equal to 3% of the gross proceeds from the sale of shares of

common stock under the Sales Agreement, if any. Pursuant to the terms of the Sales Agreement, the Company also provided BTIG with customary indemnification rights. The Company has also agreed to reimburse BTIG for its reasonable out-of-pocket expenses, including the fees and disbursements of counsel to BTIG, incurred in connection with the Offering. The Company intends to use the net proceeds from the Offering for general corporate purposes, which may include research and development expenditures, clinical trial expenditures, commercialization activities and working capital. As of March 25, 2016, proceeds under this Sales Agreement have not been material.

 

On March 8, 2016, the Company entered into the First Amendment to the Stock Purchase Agreement between the Company and seller representatives of Bioceros (the “First Amendment”). The First Amendment removes any future employment requirements of Bioceros key employees to receive the Second Installment Shares, removes the lock-up period for the Second Installment Shares and updates the maximum equity consideration to be issued pursuant to the Stock Purchase Agreement from 10% to 19.99% of the aggregate number of the Company’s total shares outstanding on the date preceding the date of the Stock Purchase Agreement.

 

On March 9, 2016, the Company issued 1,772,107 shares of common stock with a 10 day trailing price of $2.82, in accordance with the Stock Purchase Agreement and the First Amendment.