Stockholders' Equity

6 Months Ended

Jun. 30, 2011

Stockholders' Equity [Abstract]

Stockholders' Equity

6. Stockholders’ Equity

Public Offering. In April 2011, the Company closed a public offering of 13,182,927 shares of its common stock, at a purchase price of $4.10 per share, for an aggregate offering amount of $54,050,000. The net proceeds from the sale of the shares, after underwriting discounts and commissions and other offering expenses, was $50,587,027. The Company intends to use the net proceeds from the offering for working capital and general corporate purposes, including a Phase 2 clinical trial for INX-189, a nucleotide polymerase inhibitor that it is developing for the treatment of chronic hepatitis C infections, and research and development expenses related to its other development programs.

Common Stock Warrants. For the six months ended June 30, 2011, a total of 2,135,183 warrants were exercised with a weighted average exercise price of $0.77 and a total Black-Scholes value of $2,749,873. As of June 30, 2011 and December 31, 2010, there were 10,732,147 and 12,868,100 warrants outstanding, respectively. As of June 30, 2011, all outstanding warrants are exercisable and expire from September 22, 2012 to September 26, 2018. The weighted average strike price as of June 30, 2011 and December 31, 2010 was $1.21 and $1.14, respectively.