Annual report pursuant to Section 13 and 15(d)

STOCKHOLDERS' EQUITY

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STOCKHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2018
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS' EQUITY
NOTE 10 — STOCKHOLDERS’ EQUITY
 
2017 Public Offering
 
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.
 
2016 Public Offering
 
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 1,820,686 and 2,934,685 shares of common stock outstanding at December 31, 2018 and 2017, respectively. All warrants are exercisable at December 31, 2018.
 
We received cash from the exercise of warrants of  $3,233,000, $5,885,000 and $0 during 2018, 2017 and 2016, respectively.
 
The warrants had various exercise prices and terms as follows as of December 31, 2018:
 
Summary of Warrants
 
Warrants
Outstanding
 
 
Exercise
Price
 
 
Expiration
Date
2015 Financing
(a)
 
 
20,000
 
 
$
6.05
 
 
July 31, 2020
2015 Financing
(b)
 
 
50,000
 
 
 
11.00
 
 
May 11, 2020
2014 Financing
(c)
 
 
1,749,186
 
 
 
5.00
 
 
December 24, 2019
2014 Financing
(c)
 
 
1,500
 
 
 
5.00
 
 
December 18, 2019
2012 Series B private placement
(d)
 
 
—
 
 
 
25.00
 
 
October 24, 2018
Total
 
 
1,820,686
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
a)
In connection with the offering on July 31, 2015, the placement agent received warrants to purchase 20,000 shares 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 shares 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. The warrants are exercisable and expire on
December 24, 2019
. 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. The warrants expired on
October 24, 2018
.