COMMON STOCK AND WARRANTS - Note 7

3 Months Ended

Mar. 31, 2016

Common Stock And Warrants - Note 7

COMMON STOCK AND WARRANTS - Note 7

7. COMMON STOCK AND WARRANTS

In March 2016, we raised $6.9 million before issuance costs of approximately $650,000 from the sale of 4.1 million shares of common stock in an underwritten public offering. The financing includes a provision that restricts us from selling additional equity until June 20, 2016 without the permission of the underwriter.

During the year ended December 31, 2015, we received $3.3 million from the exercise of warrants to purchase 1.5 million shares of our common stock, which warrants were issued in connection with earlier financing transactions.

In May 2015, we entered into an ATM agreement with Meyers Associates, L.P. Under the terms of the agreement, we may, from time to time, at our discretion, offer and sell shares of our common stock having an aggregate value of up to $6.0 million. During the three months ended March 31, 2016, there were no proceeds from our ATM facility. As of March 31, 2016, we have received gross proceeds of approximately $2.3 million before issuance costs of approximately $85,000 from the sale of 742,000 shares of our common stock.

During the three months ended March 31, 2015, we received gross proceeds of $1.0 million as part of an ATM agreement we entered into with Meyers Associates, L.P. in June 2014. We completed sales under this agreement, having received total proceeds of $4.5 million before issuance costs of approximately $206,000 from the sale of 2.0 million shares of our common stock.