Stockholders' Equity

6 Months Ended

Mar. 31, 2013

Stockholders' Equity [Abstract]

STOCKHOLDERS' EQUITY

8. STOCKHOLDERS’ EQUITY

Common Stock

In August 2012, the Company filed with the SEC a shelf registration statement on Form S-3 to sell an aggregate of up to $100.0 million in common stock, preferred stock, debt securities and warrants. Included in this shelf registration on Form S-3 is a prospectus relating to a financing facility with Cowen and Company, LLC (“Cowen”), providing for the sale of up to $25.0 million worth of shares of the Company’s common stock from time to time into the open market at prevailing prices in accordance with the terms of a sales agreement entered into on August 8, 2012. During the six months ended March 31, 2013, the Company issued 6,820,000 shares of common stock under the sales agreement raising proceeds of approximately $19.1 million, net of offering costs, including commissions.

During the six months ended March 31, 2013, the Company received proceeds of approximately $1.0 million from the exercise of warrants to purchase 710,109 shares of the Company’s common stock. The warrants had been issued in connection with the Company’s registered securities offering in April 2008 at an exercise price of $1.43 per share.

During the six months ended March 31, 2013, the Company issued 510,188 shares of common stock in connection with restricted stock units which were awarded to directors and vested at September 30, 2012, but were restricted until the resignation of the directors, 165,246 shares of common stock in connection with the vesting of restricted stock units and 389,781 shares of common stock in connection with the exercise of stock options resulting in proceeds of approximately $543,000.

Warrants Outstanding

In May 2012, the Company issued warrants to purchase 491,007 shares of the Company’s common stock at an exercise price of $2.78 per share in connection with the financing transaction in May 2012. (See Note 6, “Notes Payable”). In November 2012, 437,050 of these warrants were exercised in a cashless transaction resulting in the issuance of 72,185 shares of the Company’s common stock. As of March 31, 2013, 53,957 warrants remain outstanding and exercisable. The warrants expire in May 2022.