Quarterly report pursuant to Section 13 or 15(d)

Common Stock

Common Stock
9 Months Ended
Sep. 30, 2016
Equity [Abstract]  
Common Stock



The Company has authorized 150,000,000 shares of common stock, $0.0001 par value per share, of which 43,987,361 shares and 37,605,134 shares were issued and outstanding as of September 30, 2016 and December 31, 2015, respectively.


In June 2016, the Company completed a sale of shares of its common stock pursuant to the terms of a securities purchase agreement under which the Company sold an aggregate of 5,960,000 shares of its common stock in a registered direct offering to investors at a purchase price of $2.50 per share with gross proceeds to the Company totaling approximately $14,900,000 less issuance costs of $25,409.


During the nine months ended September 30, 2016, the Company issued 422,227 shares of common stock upon the exercise of stock options and warrants for proceeds of $360,693.