Shareholders' Equity

6 Months Ended

Jun. 30, 2014

Shareholders' Equity [Abstract]

Shareholders' Equity

7.Shareholders’ Equity

The Company had 7,172,255 shares of common stock, $0.001 par value per share, outstanding of as of June 30, 2014 and December 31, 2013, respectively. In September 2013, the Company completed a public offering and issued 1,265,000 shares of its common stock at a gross sales price of $7.00 per share, resulting in $7.9 million in net proceeds after deducting the underwriting discount and costs directly attributable to the offering. In connection with the public offering, the Company issued warrants to the underwriters to purchase 50,600 shares of common stock, exercisable at the public offering price, or $7.00 per share.

As of June 30, 2014, the Company had warrants outstanding to purchase 680,600 shares of common stock with a weighted average exercise price of $13.45 per share. The warrants expire on dates beginning on December 2, 2014 and ending on September 18, 2018.  No warrants were exercised during the three and six months ended June 30, 2014.