Note 14 - Subsequent Event

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Subsequent Events [Text Block]

NOTE

14:

SUBSEQUENT EVENT

On

April 9, 2020,

the Company granted the following stock options (the

“2020

Performance Options”) to executives of the Company: (i) to the Chairman of the Board, President and Chief Executive Officer, an option to purchase

1,500,000

shares of Company common stock,

195,000

of which were granted under the Company’s

2010

Plan and

1,305,000

of which were granted under the Company’s

2020

Plan; and (ii) to the Chief Financial Officer, General Counsel and Secretary, an option to purchase

590,000

shares of Company common stock,

195,000

of which were granted under the

2010

Plan and

395,000

of which were granted under the

2020

Plan.

The

2020

Performance Options have an exercise price equal to fair market value of the Company’s common stock on the date of grant which was

$1.48

per share. The

2020

Performance Options vest quarterly over

two

years; however, vesting shall accelerate with respect to

50%

of any unvested options granted under the

2020

Plan upon U.S. Federal Drug Administration ("FDA") approval of certain therapies. The

2020

Performance Options are subject to the option agreements and employment agreements with the executives. Notwithstanding the foregoing, options granted under the

2020

Plan are

not

exercisable unless and until the Company’s stockholders approve the

2020

Plan and they automatically expire and terminate if stockholder approval is

not

obtained within

one

year of grant.

The above actions were unanimously approved by the Compensation Committee of the Board of Directors.