Subsequent Events

9 Months Ended

Sep. 30, 2012

Subsequent Events [Abstract]

Subsequent Events

9. Subsequent Events

Underwritten Public Offering

In October 2012, the Company raised approximately $19.3 million, net of offering expenses and commissions of approximately $1.8 million, from the sale of 10,000,000 shares of common stock and warrants to purchase 4,500,000 shares of common stock at an exercise price of $2.65 per share, to various investors in an underwritten public offering. The warrants have a term of 60 months from the date of issuance. The October 2012 warrants do not contain any features (such as net cash settlement or anti-dilution features) that would preclude the Company from accounting for these warrants as equity. Accordingly, the warrants will be accounted for as equity.

Warrant exercises

Subsequent to September 30, 2012, certain warrant holders exercised 34,090 warrants for cash and the Company received $48,067.