Shareholders' Equity

9 Months Ended

Sep. 30, 2018

Shareholders' Equity [Abstract]

Shareholders' Equity

Note 7:  Shareholders’ Equity 

Preferred Stock - Series B Convertible Preferred Stock

As of September 30, 2018 and December 31, 2017, there were 5,659 shares of Preferred Stock – Series B issued and outstanding. 

Common Stock 

During the nine-month period ended September 30, 2018, options to purchase 99,937 shares were exercised for proceeds of $98 thousand; and warrants to purchase 30,000 shares were exercised for proceeds of $46 thousand. Options to purchase 50,000 shares were exercised during the three months ended September 30, 2018.

Underwritten Public Offering

On January 25, 2018 we entered into an underwriting agreement to issue and sell 9,807,105 shares of Company Common Stock, together with warrants to purchase 3,922,842 shares of Common Stock with an initial exercise price of $1.55 per share (at a public offering price of $1.35 per fixed combination consisting of one share of Common Stock and associated warrant to purchase four tenths of one share of Common Stock).  These share and warrant amounts include the exercise of an overallotment option by the underwriter to purchase 1,279,187 additional shares of Common Stock and additional warrants to purchase 511,674 shares of Common Stock.  The Common Stock and Warrants were registered on a Form S-1.  The offering closed on January 29, 2018 and the Company received net proceeds after underwriting discounts and expenses of $11.9 million. 

In a concurrent private placement, certain of our directors and officers purchased an aggregate of 203,708 shares of Common Stock, together with warrants to purchase up to 81,487 shares of Common Stock at the public offering price of $1.35 per fixed combination.  The sale of these shares of common stock and warrants was not registered under the Securities Act and is subject to a 180-day lock-up.  The private placement closed on February 15, 2018, and the Company received net proceeds of $0.3 million.