Note 6 - Warrants

9 Months Ended

Sep. 30, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities Disclosure [Text Block]

6. Warrants

In connection with sales of the Company’s common stock and the issuance of debt instruments, warrants were issued with exercise prices ranging from $1.60 to $5.00.  The warrants expire between one and seven years from the date of grant, subject to the terms applicable in the agreement.  As of September 30, 2013, the Company had warrants outstanding that are exercisable into 10,534,245 shares of common stock, with a weighted average exercise price of $2.70 per share. The Rusnano Warrant (as described in more detail in Note 4) is not included in the 10,534,245 shares of common stock as Panacela is not in default under the Panacela Loan.

During the three months ended September 30, 2013, CBLI issued warrants to Rusnano and Hercules in connection with the respective loan agreements. The Panacela Loan triggered a reduction in the exercise price of the Company’s warrants issued in March 2010 from $2.00 per share to $1.694 per share. The March 2010 warrant exercise price was further reduced to $1.60 per share in connection with the closing of the Hercules Loan.