Subsequent Events

12 Months Ended

Dec. 31, 2013

Subsequent Events [Abstract]

Subsequent Events

17. Subsequent Events

In January 2014, the Company completed an underwritten public offering of 2,972,972 shares of common stock for total gross proceeds of $55.0 million. In February 2014, the underwriters partially exercised an overallotment option, purchasing 345,945 additional shares from the Company for additional gross proceeds of $6.4 million. After underwriters’ fees and commissions and other expenses of the offering, the Company’s aggregate net proceeds were approximately $57 million.

In January 2014, the Company entered into a non-binding letter of intent for a term loan agreement with a lender which would allow it to refinance its existing credit facility and potentially incur up to an aggregate of $45 million in term loan borrowings or up to an aggregate of approximately $52 million if it elected to exercise in full an option to pay in kind a portion of the interest that would accrue on the borrowings under the term loan agreement. The Company expects this term loan agreement will contain customary conditions to borrowings, events of default and negative covenants, including covenants that could limit its ability to, among other things, incur additional indebtedness, liens or other encumbrances, make dividends or other distributions, and buy, sell or transfer assets. The Company also expects that the term loan agreement will include liquidity and revenue-based financial covenants. The Company’s obligations under the term loan agreement will be secured by substantially all of its assets. However, there can be no assurance that the Company will successfully enter into this term loan agreement.