Subsequent Event

3 Months Ended

Mar. 31, 2015

Subsequent Event.

Subsequent Event

10. Subsequent Events

FDA Approval of Glatopa

On April 16, 2015, the FDA granted sole marketing approval of the ANDA for once-daily Glatopa™ (glatiramer acetate injection) 20 mg/mL, a generic equivalent of once-daily COPAXONE® 20 mg/mL. Glatopa, formerly referred to as M356, was developed under the Second Sandoz Collaboration Agreement. The Company earned a $10.0 million regulatory milestone payment upon Glatopa receiving sole FDA approval.

New ATM Sales Agreement

On April 21, 2015, the Company entered into a new At-the-Market Equity Offering Sales Agreement with Stifel, under which the Company is authorized to issue and sell shares of its common stock having aggregate sales proceeds of up to $75 million from time to time through Stifel, acting as sales agent and/or principal. The Company is required to pay Stifel a commission of 2.0% of the gross proceeds from the sale of shares of its common stock under this facility. From April 21 through April 30, 2015, the Company recorded net proceeds of $6.9 million from the sale of 0.4 million shares of common stock sold through the ATM.