Quarterly report pursuant to Section 13 or 15(d)


3 Months Ended
Mar. 31, 2017
Subsequent Events [Abstract]  



April 2017 financing


On March 30, 2017, the Company entered into an underwriting agreement with Aegis Capital Corp., as representative of the several underwriters (collectively, the “2017 Underwriters”), relating to the issuance and sale of 1,800,000 shares of the Company’s common stock, in an underwritten public offering (the “April 2017 Financing”). The public offering price for each share of common stock was $4.45. The Company granted the 2017 Underwriters an option to purchase up to an additional 270,000 shares of common stock to cover over-allotments, if any.


The April 2017 Financing closed on April 4, 2017. The 2017 Underwriters purchased the shares at a seven percent discount to the public offering price, for an aggregate discount of $0.6 million (or $0.31 per share). The Company also expects to incur offering expenses of approximately $0.2 million. The Company expects to receive net proceeds of approximately $7.2 million. On April 13, 2017, the 2017 Underwriters fully exercised the over-allotment option and purchased 270,000 shares of common stock for net proceeds of approximately $1.1 million, net of an aggregate discount of $0.1 million (or $0.31 per share).


At-the-market offering


In April 2017, the Company sold an aggregate of 1,251,928 shares of common stock using the ATM, resulting in net proceeds of $8.0 million, net of expenses, which included Cowen’s commission of approximately $0.2 million. With these sales, the Company has sold all $15 million of shares under the Sales Agreement, and the Sales Agreement has been terminated.