|6 Months Ended|
Jun. 30, 2016
|Subsequent Events [Abstract]|
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.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
No definition available.