STOCK TRANSACTIONS

3 Months Ended

Mar. 31, 2012

STOCK TRANSACTIONS

NOTE 3 - STOCK TRANSACTIONS

a. On February 22, 2012, the Company issued and sold 5,175,000 shares of Common Stock in an underwritten public offering at a price to the public of $5.25 per share. The net proceeds to the Company were approximately $25,388,000 (net of underwriting commissions and issuance costs of approximately $1,780,000).

b. During the three months ended March 31, 2012, the Company issued a total of 17,095 shares of Common Stock in connection with the exercise of a total of 17,095 options by certain employees and non-employees of the Company. The Company received aggregate cash proceeds equal to approximately $7,000 in connection with such exercises.