SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2017

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

On October 2, 2017, we completed the second of two closings related to the private placement sale of an aggregate of 1,976,919 units at a price of $4.70 per unit to institutional and individual investors. Each unit consists of one share of our common stock and one warrant to purchase one share of our common stock at an exercise price of $4.85 per share for a period commencing six months and ending three years from the date of the initial closing of the offering. Gross proceeds in the second closing, for 231,338 units, were $1.1 million and net proceeds after deducting placement agent fees and offering expenses were $1.0 million. In the second closing we issued to the placement agent in the financing, warrants to purchase an aggregate of 11,567 shares of our common stock at an exercise price of $4.85 for a period commencing six months and ending three years from the date of the initial closing of the offering. The first closing, for 1,745,581 units, occurred on September 28, 2017. (See Note 5 - Stockholders' Equity)