Quarterly report pursuant to Section 13 or 15(d)

Equity Offerings

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Equity Offerings
 6 Months Ended
Jun. 30, 2017
Equity Offerings  
Equity Offerings

12.Equity Offerings

 

In February 2017, we completed an underwritten public offering in which we sold 23,000,000 shares of our common stock pursuant to an effective registration statement at a price to the public of $2.00 per share. We received net proceeds of approximately $43.0 million, net of underwriting discounts and commissions and offering expenses.

 

In August 2015, we entered into a Controlled Equity OfferingSM Sales Agreement (Original Sales Agreement) with Cantor Fitzgerald & Co. (Cantor), as sales agent, pursuant to which we may sell, through Cantor, up to an aggregate of $30.0 million in shares of our common stock. As of September 30, 2016, all the shares under the Original Sales Agreement have been fully sold. In May 2017, we entered into an Amendment No. 1 (Amended Sales Agreement) to the Controlled Equity OfferingSM Sales Agreement pursuant to which we may offer and sell, through Cantor, additional shares of our common stock, up to an aggregate offering price of $40.0 million.  These additional shares are in addition to the shares of common stock sold under the Original Sales Agreement. All sales of our common stock will be made pursuant to a shelf registration statement filed by us in May 2015 and declared effective by the Securities and Exchange Commission (SEC) in July 2015. Cantor is acting as our sole sales agent for any sales made under the Amended Sales Agreement for a low single-digit commission on gross proceeds. The common stock is sold at prevailing market prices at the time of the sale.  Unless otherwise terminated earlier, the Amended Sales Agreement continues until all shares available under the agreement have been sold.  During the six months ended June 30, 2017, 1,209,027 shares of common stock were sold under the Amended Sales Agreement, with an aggregate net proceeds of $3.1 million. As of June 30, 2017, we had approximately $36.6 million of remaining common stock registered for sale under the Amended Sales Agreement.