Stock Incentive Plan (Tables)

9 Months Ended

Mar. 31, 2016

Information concerning options for the nine-month period ended March 31, 2016 is summarized as follows:


				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
		Exercise		Contractual	Intrinsic
	Shares	Price		Life	Value
					(in 000’s)
Outstanding, July 1, 2015	4,525,340	$	3.48
Granted	607,431	$	2.04
Exercised	(88,250)	$	2.24
Cancelled or forfeited	(89,888)	$	4.16
Outstanding, March 31, 2016	4,954,633	$	3.31	3.30	$	370
Exercisable, March 31, 2016	3,543,479	$	3.32	2.36	$	38

Non-Vested Restricted and Performance Stock Units

A summary of the Company’s non-vested restricted and performance stock units at March 31, 2016, and changes during the nine-month period ended March 31, 2016 are presented below:


		Weighted-Average
		per Share of
Outstanding Non-Vested		Market Value on
Restricted and Performance Stock Units	Number of Awards	Grant Date
Non-vested at July 1, 2015	706,881	$	4.30
Restricted Units Granted(a)	272,081	$	2.05
Restricted Units Granted – vesting based on certain market conditions(b)	1,500,000	$	2.28	(c)
Vested/Exercised	(348,384)	$	4.30
Non-vested at March 31, 2016	2,130,578	$	2.59

^(a)

For the nine-month period ended March 31, 2016, 198,864 restricted stock units were awarded to the Company’s President and Chief Executive Officer, 15,341 restricted stock units were awarded to the Company’s Chief Financial Officer and 57,876 restricted stock units were awarded to the Company’s Board of Directors.

^(b)

For the nine-month period ended March 31, 2016, 1,500,000 restricted stock units were awarded to the Company’s Chairman, Chief Scientific Officer and Chief Patent Officer.

^(c)

Represents fair value on date of grant determined by using Monte Carlo simulation technique.