Annual report pursuant to Section 13 and 15(d)

STOCKHOLDERS' EQUITY

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STOCKHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2017
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS’ EQUITY
NOTE 7 – STOCKHOLDERS’ EQUITY
 
2017 Financing
On October 19, 2017, we closed an underwritten public offering of 5,750,000 shares of common stock, at a public offering price of $16.00 per share. The gross proceeds to the Company were approximately $92,000,000, before deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company.
 
During the third quarter of 2017 we received additional financing of $5.0 million through warrant exercises of our $8.00 warrants
 
During the second half of 2017 we received additional financing of $0.9 million through warrant exercises of our $5.00 warrants
 
2016 Financing
On November 1, 2016, we closed an underwritten public offering of 6,000,000 shares of common stock, at a public offering price of $7.00 per share. On November 23, 2016, we closed a follow-on offering of 293,889 shares as permitted by the underwriting agreement at the same offering price of $7.00 per share. The gross proceeds to the Company were $44,057,000, before deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company.
 
Warrants
There were warrants to purchase a total of 2,934,685 shares of common stock outstanding at December 31, 2017. All warrants were exercisable at December 31, 2017. The warrants had various exercise prices and terms as follows:
 
 
 
Warrants
 
Exercise
 
Expiration
 
Summary of Warrants
 
Outstanding
 
Price
 
Date
 
2015 Financing 7/31/15 (a)
 
 
20,000
 
$
6.05
 
 
07/31/20
 
2015 Financing 5/11/15 agent warrants (b)
 
 
50,000
 
 
11.00
 
 
5/11/20
 
2014 Financing 12/24/14 (c)
 
 
2,395,949
 
 
5.00
 
 
12/24/19
 
2014 Financing 12/24/14 agent warrants (c)
 
 
68,735
 
 
5.00
 
 
12/18/19
 
2012 Series B private placement (d)
 
 
400,001
 
 
25.00
 
 
10/24/18
 
Total
 
 
2,934,685
 
 
 
 
 
 
 
 
a)
In connection with the offering on July 31, 2015, the placement agent received warrants to purchase 20,000 share of common stock at $6.05 per share. The warrants are exercisable and expire on July 31, 2020.
 
b)
In connection with the offering on May 11, 2015, the placement agent received warrants to purchase 50,000 share of common stock at $11.00 per share. The warrants are exercisable and expire on May 11, 2020.
 
c)
In connection with an offering on December 24, 2014, warrants to purchase 3,500,000 shares of common stock at $5.00 per share were purchased and issued for $0.01 per warrant. All of the warrants are exercisable and expire on December 24, 2019. At December 31, 2017, 2,395,949 warrants are outstanding.
 
Also in connection with the offering on December 24, 2014, the underwriter received warrants to purchase 68,735 shares of common stock at $5.00 per share. The warrants are exercisable and expire on December 18, 2019.
 
d)
In connection with a private placement offering on October 25, 2012, warrants to purchase 400,001 shares of common stock at $25.00 per share were issued. All of the warrants are exercisable and expire on October 24, 2018.