Note 9 - Share Capital

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

9

. Share capital

On

January

29,

2015,

the Company entered into an underwriting agreement, or the Underwriting Agreement, with J.P. Morgan Securities LLC and Piper Jaffray & Co., as representatives of the several underwriters named therein, collectively, the Underwriters, relating to the public offering, or the Offering, of

4,255,319

ordinary shares, nominal value

£0.006705,

or the Shares, at an offering price to the public of

$11.75

per Share, or the Offering Price. The Underwriters agreed to purchase the Shares from the Company pursuant to the Underwriting Agreement at a price of

$11.045

per share. Under the terms of the Underwriting Agreement, the Company granted the Underwriters a

30

-day option to purchase up to an additional

638,297

Shares, or the Option Shares, at the Offering Price, less underwriting discounts and commissions. On

January

30,

2015,

the Underwriters exercised their option to purchase the Option Shares in full. The gross proceeds to the Company from the sale of the Shares and the Option Shares were approximately

$57.5

million and the Company received net proceeds of approximately

$53.8

million after deducting underwriting discounts and commissions and estimated aggregate offering expenses payable by the Company. The Offering closed on

February

4,

2015.

During

2016,

85,943

ordinary shares were issued upon the exercise of options. As of

December

31,

2016,

there were

36,183,293

ordinary shares authorized and

22,635,431

ordinary shares issued and outstanding.