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</LabelSeparator><Level>2</Level><ElementName>chtp_CommonStockOfferingsTextBlock</ElementName><ElementPrefix>chtp_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="P01_01_2013To06_30_2013" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>              &lt;table border="0" style="clear:both;width:100%; table-layout:fixed;"&gt;  &lt;tr&gt;  &lt;td&gt;&lt;/td&gt;  &lt;/tr&gt;  &lt;/table&gt;    &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt;  &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;  &lt;table style="clear:both;MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px"   cellspacing="0" cellpadding="0"&gt;  &lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt;  &lt;td style="WIDTH: 0in"&gt;&lt;/td&gt;  &lt;td style="TEXT-ALIGN: left; WIDTH: 0.75in"&gt;  &lt;div&gt;&lt;font style="TEXT-TRANSFORM: uppercase"&gt;&lt;b&gt;Note  6&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;  &lt;/td&gt;  &lt;td style="TEXT-ALIGN: justify"&gt;  &lt;div&gt;&lt;font style="TEXT-TRANSFORM: uppercase"&gt;&lt;b&gt;REGISTERED DIRECT  SALE OF COMMON STOCK&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;  &lt;/td&gt;  &lt;/tr&gt;  &lt;/table&gt;    &lt;font style="TEXT-TRANSFORM: uppercase"&gt;&lt;/font&gt;&lt;/div&gt;    &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 22.5pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;  &amp;#160;&lt;/div&gt;    &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 22.5pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;  In November 2012, the Company filed the required documents and  became eligible to use an at-the-market common equity sales program  for the sale of shares of common stock up to an aggregate offering  price of $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;20,000,000&lt;/font&gt;.  These shares would be offered pursuant to the Company&amp;#8217;s 2012  shelf registration statement. No equity sales have been made under  this program at June 30, 2013.&lt;/div&gt;    &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;  &amp;#160;&lt;/div&gt;    &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 22.5pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;  On February 8, 2012, the Company amended its shelf registration  statement, originally filed on January 26, 2012, with the SEC,  under which the Company may offer shares of its common stock and  preferred stock, various series of debt securities and/or warrants  to purchase any of such securities, either individually or in  units, in one or more offerings, up to a total dollar amount of  $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;100,000,000&lt;/font&gt;.  Such registration statement, as amended, became effective as of  February 9, 2012.&lt;/div&gt;    &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;  &amp;#160;&lt;/div&gt;    &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 22.5pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;  On January 11, 2012, the Company raised gross proceeds of  approximately $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;23.7&lt;/font&gt;  million through the sale of &lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;  4,989,275&lt;/font&gt; shares of its common stock in a publicly-marketed  offering. These shares were offered pursuant to the Company&amp;#8217;s  2011 shelf registration statement, as amended effective January 5,  2012 pursuant to Rule 462(b) to increase the dollar amount of  securities available for sale, filed with the SEC under which the  Company could offer shares of its common stock and preferred stock,  various series of debt securities and/or warrants to purchase any  of such securities, either individually or in units, in one or more  offerings, up to a total dollar amount of $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;63,950,000&lt;/font&gt;.  Such registration statement became effective as of January 19,  2011. In connection with this offering, the Company paid  commissions and other offering-related costs of approximately  $&lt;font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt;1.6&lt;/font&gt;  million.&lt;/div&gt;    &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;  &amp;#160;&lt;/div&gt;    &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 22.5pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;  There are no more securities available under the Company&amp;#8217;s  2011 shelf registration.&lt;/div&gt;  &lt;/div&gt;        </NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>The entire disclosure of common stock offerings.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Common Stock Offerings [Text Block]</Label></Row></Rows><Footnotes /><IsEquityReport>false</IsEquityReport><ReportName>REGISTERED DIRECT SALE OF COMMON STOCK</ReportName><MonetaryRoundingLevel>UnKnown</MonetaryRoundingLevel><SharesRoundingLevel>UnKnown</SharesRoundingLevel><PerShareRoundingLevel>UnKnown</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>true</HasCustomUnits><IsEmbedReport>false</IsEmbedReport><IsMultiCurrency>false</IsMultiCurrency><ReportType>Sheet</ReportType><RoleURI>http://www.chelseatherapeutics.com/role/RegisteredDirectSaleOfCommonStock</RoleURI><NumberOfCols>1</NumberOfCols><NumberOfRows>2</NumberOfRows></InstanceReport>
