12. Subsequent Events

On July 21, 2016, the Board of Directors of the Company appointed Steven C. Gilman, Ph.D. as the Company’s President and Chief Executive Officer.

On July 21, 2016, the Company terminated its Sales Agreement with Cowen. The termination was effective as of August 1, 2016. The Company did not sell any shares of its common stock pursuant to the Sales Agreement.

On July 27, 2016, the Company closed on its Follow-on Offering of 14,000,000 shares of its common stock and warrants to purchase an additional 14,000,000 shares of its common stock at an exercise price of $3.00 per share. The public offering price was $2.50 per share of common stock and accompanying warrant, resulting in net proceeds to the Company of approximately $32.6 million after underwriting discounts and commissions and the underwriter’s offering expenses payable by the Company.