Stockholders' Equity

9 Months Ended

Sep. 30, 2011

Comprehensive Loss and 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 $50,559,527. The Company intends to use the net proceeds from the offering for working capital and general corporate purposes, including Phase 2 clinical trials for INX-189 and research and development expenses related to its other development programs.

Common Stock Warrants. For the nine months ended September 30, 2011, a total of 2,304,732 warrants were exercised with a weighted average exercise price of $0.82 and a total Black-Scholes value of $2,832,461. As of September 30, 2011 and December 31, 2010, there were 10,562,598 and 12,868,100 warrants outstanding, respectively. As of September 30, 2011, all outstanding warrants are exercisable and expire from September 22, 2012 to September 26, 2018. The weighted average strike price as of September 30, 2011 and December 31, 2010 was $1.21 and $1.14, respectively.