Quarterly report pursuant to Section 13 or 15(d)

Stockholders' equity

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Stockholders' equity
6 Months Ended
Jun. 30, 2014
Stockholders' equity [Abstract]  
Stockholders' equity

Note 5. Stockholders' equity:

 

In April 2014, the Company completed a public offering of securities consisting of 8,335,000 shares of common stock at an offering price of $2.40 per share, generating approximately $20 million in total proceeds. Fees and other expenses totaled approximately $1,543,000, including a placement fee of 6.5%.

 

During the six months ended June 30, 2014, 39,079 incentive stock options were exercised to purchase common shares, resulting in total proceeds of approximately $82,000 and with an intrinsic value when exercised of approximately $14,000.

 

In May 2013, the Company completed a public offering of securities consisting of 11,500,000 shares of common stock at an offering price of $1.25 per share, generating approximately $14.4 million in total proceeds. Fees and other expenses totaled approximately $1,405,000, including a placement fee of 7%. Under the terms of the offering, investors received, for each common share purchased, a warrant to purchase 0.35 of a common share, this resulted in the issuance of warrants to purchase a total of 4,025,000 shares of common stock if all warrants are fully exercised. The exercise price of the warrants is $1.36 per share; the warrants were exercisable upon issuance and expire in May 2018. Under the terms of the Underwriting Agreement, the underwriter exercised the option to purchase an additional 15% of the offering amount which is included in the above amounts. During the six months ended June 30, 2014, warrants from this May 2013 public offering were exercised to purchase 1,161,570 shares at $1.36 per share of common stock resulting in total proceeds of approximately $1,580,000.

 

Subsequent to June 30, 2014, 75,000 options were issued to three employees at an average exercise price of $2.36 per share that vest annually in arrears over three years from grant date and expire in 10 years.