Subsequent Events

3 Months Ended

Mar. 31, 2015

12. Subsequent Events

On May 8, 2015, the Company negotiated and executed an amendment with holders representing more than two-thirds of its June 2013, July 2013, and December 2013 warrants to eliminate certain down-round price protection features included in these warrants agreements. As a result of this amendment and subject to the Company authorizing sufficient shares of common stock to allow for their exercise, the June 2013, July 2013 and December 2013 warrants will be reclassified from liability instruments to equity instruments as of the amendment date.

On April 30, 2015, the Company announced that M. Scott Salka has been appointed as the new Chief Executive Officer. Mr. Salka will replace Interim Chief Executive Officer, Jeremy Curnock Cook, effective May 18, 2015. Mr. Curnock Cook will remain in his role as Chairman. Prior to joining the Company, Mr. Salka served as CEO of Aspyrian Therapeutics Inc., a company focused on developing near-infrared photoimmunotherapy (PIT) therapies. Prior to this role, he was the CEO of Ambit Biosciences (acquired by Daiichi Sankyo in 2014). Prior to joining Ambit in 2001, he served as the President and Chief Executive Officer of two privately held genomics companies, Arcaris, Inc. and 454 Corporation (sold to Roche in 2007). He also previously co-founded one of the first commercial genomics companies, Sequana Therapeutics, Inc., a pioneer in the effort to commercialize the international Human Genome Project.