Subsequent Events

12 Months Ended

Dec. 31, 2016

20.	Subsequent Events

In January 2017, the Company entered into a Securities Purchase Agreement pursuant to which it sold an aggregate of 10,323,101 shares of common stock which consists of 8,602,589 shares of common stock and warrants to purchase 1,720,512 shares of common stock, or the 2017 Placement Warrants, for total gross proceeds of $26.1 million, or the 2017 Private Placement. The Company completed the closing of the 2017 Private Placement in January 2017. The 2017 Placement Warrants have a per share exercise price of $3.00 per share, except that the purchase price paid by individuals who are directors and/or officers of the Company was $3.17, are exercisable after six months and expire seven years from the date of issuance.

In January 2017, the Company entered into a sales agreement with FBR Capital Markets & Co under which it may sell up to $25.0 million of its common shares pursuant to an at-the-market offering program. As of March 13, 2017, the Company sold approximately 3.9 million shares of its common stock at an average market price of $5.64 per share, resulting in aggregate gross proceeds of approximately $21.9 million.