Common Stock and Common Stock Warrants

6 Months Ended

Jun. 30, 2011

Common Stock and Common Stock Warrants [Abstract]

Common Stock and Common Stock Warrants

7. Common Stock and Common Stock Warrants

In the May 2011 Midcap financing, the Company Issued five year common stock purchase warrants granting Midcap the right to purchase 1.1 million shares of the Company’s common stock at an exercise price of $0.63 per share. The warrants issued to Midcap met the requirements of and are being accounted for as equity in accordance with ASC 815-40. The fair value of the warrants was $0.5 million.

In March 2011, the Company raised $4.6 million in gross proceeds, $4.3 million net of $0.3 million in transaction costs, through a public offering of common stock and common stock purchase warrants registered pursuant to a shelf registration statement on Form S-3 registering the issuance and sale of up to $50.0 million of the Company’s common stock, preferred stock, debt securities, convertible debt securities and/or warrants to purchase the Company’s securities. Approximately 7.1 million shares of the Company’s common stock were sold at a price of $0.65 per share. Five year common stock purchase warrants were issued to investors and the placement agent granting them the right to purchase approximately 5.3 million and 0.4 million shares of the Company’s common stock at an exercise price of $0.72 and $0.8125 per share, respectively. The Company allocated the $4.6 million in gross proceeds between the common stock and the warrants based on their relative fair values. Approximately $1.7 million of this amount was allocated to the warrants. The warrants meet the requirements of and are being accounted for as equity in accordance with ASC 815-40.

In February 2011, the Company raised $7.1 million in gross proceeds, $6.6 million net of $0.5 million in transaction costs, through a public offering of common stock and common stock purchase warrants registered pursuant to a shelf registration statement on Form S-3 registering the issuance and sale of up to $50.0 million of the Company’s common stock, preferred stock, debt securities, convertible debt securities and/or warrants to purchase the Company’s securities. Approximately 8.9 million shares of the Company’s common stock were sold at a price of $0.80 per share. Five year common stock purchase warrants were issued to investors and the placement agent granting them the right to purchase approximately 3.6 million and 0.4 million shares of the Company’s common stock at an exercise price of $0.75 and $1.00 per share, respectively. The Company allocated the $7.1 million in gross proceeds between the common stock and the warrants based on their relative fair values. Approximately $1.7 million of this amount was allocated to the warrants. The warrants meet the requirements of and are being accounted for as equity in accordance with ASC 815-40.

In November 2010, the Company raised $2.0 million in gross proceeds, $1.9 million net of $0.1 million in transaction costs, through a public offering of common stock and common stock purchase warrants registered pursuant to a shelf registration statement on Form S-3 registering the issuance and sale of up to $50.0 million of the Company’s common stock, preferred stock, debt securities, convertible debt securities and/or warrants to purchase the Company’s securities. Approximately 3.3 million shares of the Company’s common stock were sold at a price of $0.61 per share. Five year common stock purchase warrants were issued to investors and the placement agent granting them the right to purchase approximately 1.3 million and 0.2 million shares of the Company’s common stock at an exercise price of $0.56 and $0.7625 per share, respectively. The Company allocated the $2.0 million in gross proceeds between the common stock and the warrants based on their relative fair values. Approximately $0.5 million of this amount was allocated to the warrants. The warrants meet the requirements of and are being accounted for as equity in accordance with ASC 815-40.

In June 2010, the Company raised $6.7 million in gross proceeds, $6.2 million net of $0.5 million in transaction costs, through a public offering of common stock and common stock purchase warrants registered pursuant to a shelf registration statement on Form S-3 registering the issuance and sale of up to $50.0 million of the Company’s common stock, preferred stock, debt securities, convertible debt securities and/or warrants to purchase the Company’s securities. Approximately 6.1 million shares of the Company’s common stock were sold at a price of $1.10 per share. Five year common stock purchase warrants were issued to investors and the placement agent granting them the right to purchase approximately 4.6 million and 0.3 million shares of the Company’s common stock at an exercise price of $1.64 and $1.375 per share, respectively. In addition, one year common stock purchase warrants were issued to investors granting them the right to purchase approximately 6.1 million shares of the Company’s common stock at an exercise price of $1.64 per share. The Company allocated the $6.7 million in gross proceeds between the common stock and the warrants based on their relative fair values. Approximately $3.2 million of this amount was allocated to the warrants. The warrants meet the requirements of and are being accounted for as equity in accordance with ASC 815-40.

The following table summarizes information about warrants outstanding at June 30, 2011:

	Expiration		Common Shares
Issued in Connection With	Date		Issuable		Exercise Price
February 2006 stock issuance		2011		340,069		12.00
December 2006 stock issuance		2011		1,284,933		4.41
June 2007 stock issuance		2012		889,576		8.79
Termination of sublicense agreement		2012		83,333		5.88
October 2007 stock issuance		2013		709,745		5.64
December 2007 stock issuance		2013		555,555		4.50
March 2008 stock issuance		2013		1,011,744		2.58
2006 senior secured term loan		2013		27,968		1.17
2006 senior secured term loan		2013		325,203		1.23
June 2008 stock issuance		2013		766,667		1.17
July 2008 stock issuance		2013		33,333		1.17
August 1, 2008 stock issuance		2013		92,166		2.04
August 11, 2008 stock issuance		2013		60,409		1.89
August 11, 2008 stock issuance		2013		460,830		2.08
August 11, 2008 stock issuance		2013		86,748		2.85
February 2009 convertible debt (See Note 6)		2014		3,703,704		3.11
February 2009 convertible debt (See Note 6)		2013		462,963		3.87
June 2009 stock issuance		2013		1,400,000		2.70
June 2009 stock issuance		2013		200,000		3.00
June 2010 stock issuance		2011		6,136,363		1.64
June 2010 stock issuance		2015		4,602,273		1.64
June 2010 stock issuance		2015		306,818		1.38
November 2010 stock issuance		2015		163,935		0.76
February 2011 stock issuance		2016		3,570,000		0.75
February 2011 stock issuance		2016		446,250		1.00
March 2011 stock issuance		2016		5,307,693		0.72
March 2011 stock issuance		2016		353,847		0.81
May 2011 senior secured term loan		2016		1,092,063		0.63
Total				34,474,188	$	2.13