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Sales of Common Stock
6 Months Ended
Jun. 30, 2012
Sales of Common Stock

Note 7 – Sales of Common Stock

 

In May 2012, the Company sold 10,000,000 shares of its common stock to two affiliates of RA Capital Management, LLC at a price of $1.22 per share, resulting in $12.1 million in net proceeds. The shares were offered under an effective shelf registration statement previously filed with the SEC.

 

In March 2010, the Company entered into a sales agreement, under which the Company may sell an aggregate of $50 million in gross proceeds of its common stock. The Company’s Board of Directors has authorized the sale of up to 25 million shares of the Company’s common stock pursuant to this agreement. The shares of common stock are being offered pursuant to a shelf registration statement filed with the SEC. For the six months ended June 30, 2012, the Company sold 5.1 million shares at an average sales price of $1.42 per share, resulting in $7.1 million in net proceeds; this amount excludes $0.8 million received in early 2012 for 0.7 million shares traded in late December 2011. Since June 30, 2012 through July 31, 2012, the Company has sold an additional 1.5 million shares resulting in $3.2 million in net proceeds. Since entering into the sales agreement through July 31, 2012, the Company has sold 23,094,140 shares of its common stock and received gross proceeds of $46.1 million.