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JANUARY AND JULY 2014 FINANCING
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9 Months Ended | |
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Sep. 30, 2014
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| Equity [Abstract] | ||
| Stockholders' Equity Note Disclosure [Text Block] |
NOTE 3 – JANUARY AND JULY 2014 FINANCING January 2014 financing On January 24, 2014, the Company entered into an underwriting agreement with Roth Capital Partners, LLC (“Roth”), as representative of several underwriters (collectively, the “Underwriters”), relating to the issuance and sale of 2,898,550 shares of its common stock in an underwritten public offering (the “January 2014 Financing”). The public offering price for each share of common stock was $15.00. The Company granted the Underwriters a 45-day option to purchase up to an additional 434,782 shares of common stock to cover over-allotments, if any. The January 2014 Financing closed on January 29, 2014. The Underwriters purchased the shares at a six-percent discount to the public offering price, for an aggregate discount of approximately $2.6 million (or $0.90 per share). The Company also paid offering expenses of approximately $0.2 million. The Company received net proceeds of approximately $40.7 million. The over-allotment option expired unexercised. July 2014 financing On July 11, 2014, the Company entered into subscription agreements with investors, relating to the issuance and sale of 657,000 shares of the Company’s common stock in a registered direct offering. The purchase price for each share of Common Stock was $11.90. Roth acted as the exclusive placement agent in this offering pursuant to the terms of a placement agent agreement, dated July 11, 2014, between the Company and Roth. Pursuant to the placement agent agreement, the Company agreed to pay Roth a placement agent fee equal to six percent of the gross proceeds of the offering. The registered direct offering closed on July 16, 2014 and the Company received net proceeds of approximately $7.2 million, after deducting placement agent fees and offering expenses of approximately $0.6 million. |