Subsequent Events

9 Months Ended

Sep. 30, 2019

Subsequent Events [Abstract]

Subsequent Events

Note 13 – Subsequent Events

In October 2019, the Company finalized discussions with the CRO to increase its contractual deposit requirement from $861,000 to $1.2 million (see Note 7 for additional information).

In October 2019, the Company executed an amendment with the laboratory as a result of an increase number of patients required for the current trial, which increased the contractual amount by $40,000.  Therefore, the contract including the amendment totals $118,000 (see Note 7 for additional information).

In October 2019, the Company executed an amendment to a licensing agreement for pain scales utilized in the clinical trial in the amount of $158,000.

In October 2019, the Company entered into warrant exercise agreements with certain warrant holders from the 2017 and 2018 public offerings, which reduced the exercise price of the investor warrants from $0.76 (2017 public offering) and $0.40 (2018 public offering) to $0.215 per warrant.  A total of 16,391,667 warrants were exercised, which generated gross proceeds of $3.5 million.  In connection with the warrant repricing, the Company was obligated to pay its investment banker a fee of 7% of the gross proceeds plus reasonable out-of-pocket expenses.  As a result of this agreement, the Company paid $287,000, which resulted in net proceeds of $3.2 million.

In October 2019, one of the Company’s directors received a subpoena from the SEC requesting documents and information relating to the investigation into the trading of the Company’s securities discussed in Note 12.