Note 8 - Subsequent Events

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Subsequent Events [Text Block]

8. Subsequent Events

In

April 2020,

the Company announced the pre-IND submission to the U.S. Food and Drug Administration (“FDA”) of a planned clinical program using TSC in COVID-

19

patients displaying severe respiratory symptoms and low oxygen levels. Under federal regulations, the FDA has up to

60

days to hold an advisory meeting with the Company, but for COVID-

19

-related submissions, the FDA has announced its intention to significantly shorten this period under its Coronavirus Treatment Acceleration Program. Clinical trial start-up preparations are continuing as the Company awaits the FDA’s response.

From

April 1, 2020

through

May 8, 2020,

warrants were exercised to purchase

6,385,496

shares of the Company’s common stock for gross proceeds of approximately

$2.5

million.

On

May 8, 2020,

the Company completed a warrant exchange and related private placement (the “Exchange”). In the Exchange, an existing holder of the Company’s warrants exercised warrants to purchase

5,000,000

shares of the Company’s common stock and also purchased new unregistered warrants to purchase up to

5,000,000

shares of common stock (the “New Warrants”), for gross proceeds of approximately

$2.4

million. The New Warrants have an exercise price of

$0.5263

per share, are exercisable immediately upon issuance, and which have a term of exercise equal to

five

and

one

-half years. In connection with the Exchange, the Company issued warrants to purchase up to

250,000

shares of the Company’s common stock (the

“May 2020

PA Warrants”) to the H.C. Wainwright & Co. LLC, as compensation for its role as placement agent in such Exchange. The

May 2020

PA Warrants have an exercise price of

$0.5938

per share, are exercisable immediately upon issuance, and have an exercise term equal to

five

and

one

-half years.