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Sales of Common Stock
3 Months Ended
Mar. 31, 2013
Sales of Common Stock [Abstract]  
Sales of Common Stock

Note 10 - Sales of Common Stock

 

In October 2012, the Company entered into an At Market Issuance Sales Agreement ("2012 Sales Agreement"), under which the Board of Directors of the Company (the "Board") approved the Company's sale of up to an aggregate of $50 million in gross proceeds of its common stock. The shares of common stock are offered pursuant to a shelf registration statement filed with the SEC in 2010; in March 2013, the Company filed a new shelf registration statement for an aggregate value of $200 million, which replaced the previous shelf registration statement. The Board has appointed a standing Finance Committee (the "Committee") to assist the Board with its responsibilities to monitor, provide advice to senior management of the Company and approve all capital raising activities. The Committee has been authorized by the Board, absent any action by the Board to the contrary, to take any additional actions necessary to carry out the Board's authorization of the issuance and sale of the common stock sold pursuant to the 2012 Sales Agreement. In doing so, the Committee is authorized to set the amount of shares to be sold, the period of time during which such sales may occur and the minimum sales price per share. During the three months ended March 31, 2013, the Company sold 3,300,000 shares at sales prices ranging from of $2.06 ─ $2.18 per share, resulting in $6.4 million in net proceeds (this amount excludes $0.4 million received in the second quarter of 2013 for 0.2 million shares traded in late March 2013). Since March 31, 2013 through May 7, 2013, the Company has sold an additional 1.3 million shares resulting in $3.2 million in net proceeds.