Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit)
12 Months Ended
Dec. 31, 2015
Stockholders' Deficit [Abstract]  
Stockholders Equity Note Disclosure [Text Block]
11. Stockholders’ Equity (Deficit)
Reverse Stock Split
On September 29, 2015, pursuant to prior shareholder authorization, our Board effected the Reverse Split of the outstanding shares of our common stock at a ratio of one (1) share for every five and one-half (5.5) shares outstanding, so that every five and one-half (5.5) outstanding shares of common stock before the Reverse Split represents one (1) share of common stock after the Reverse Split. Pursuant to their respective terms, the number of shares underlying our outstanding options and warrants was reduced by the Reverse Split ratio.
All share and per share amounts in the accompanying financial statements have been restated for all periods presented to give retroactive effect to the Reverse Split. The shares of common stock retained a par value of $0.001 per share.
Common Stock
In October 2014, we completed the 2014 Offering. Net proceeds were approximately $9.6 million after deducting underwriting discounts, commissions and other related expenses. As a result of the 2014 Offering, and pursuant to the terms of the existing Series A Warrants, the exercise price of the Series A Warrants (See Note 9, “Warrant Liability” for further discussion) was adjusted to $4.89 per share.
In November 2013, we entered into a stock purchase agreement with Braeburn pursuant to which we sold 1,136,364 shares of our common stock for an aggregate purchase price of $5.0 million, or $4.40 per share.
In April 2013, 26,273 shares of common stock were issued to a former lender upon the cashless net exercise of 52,247 warrants in accordance with the terms of the warrants.
In January and March 2013, Series A Warrants to purchase 201,639 shares of common stock were exercised resulting in gross proceeds of approximately $1,275,000.
On February 6, 2013, the facility agreement with Deerfield was amended to provide that the exercise price of the Deerfield Warrants could be satisfied through a reduction in the principal amount of our outstanding indebtedness to Deerfield. In February and March 2013, Deerfield exercised the 1,090,910 Deerfield Warrants resulting in a $7.5 million reduction in the amount owed to Deerfield.
As of December 31, 2015, warrants to purchase shares of common stock consisted of the following (in thousands, except per share price):
Date Issued
Expiration Date
Exercise Price
Outstanding at
December 31, 2015
Shares Reserved for Future Issuance
As of December 31, 2015, shares of common stock reserved by us for future issuance consisted of the following (in thousands):
Stock options outstanding
Shares issuable upon the exercise of warrants