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Subsequent Events
3 Months Ended
Mar. 31, 2012
Subsequent Events

10. Subsequent Events

 

In April of 2012, the Company received $100,000 from Lincoln Park Capital in exchange for 370,625 shares of the Company’s common stock. LPC was also issued 4,168 shares of the Company’s common stock as a commitment fee in connection with the purchase of the 370,625 shares of common stock. No warrants to purchase additional shares of common stock of the Company were issued to Lincoln in connection with the sale of the common stock. Subsequently, at the end of April 2012, the equity purchase agreement with LPC expired. The Company is evaluating whether to replace this equity purchase program.

 

In April of 2012, the Company entered into a project plan agreement with a new contract manufacturing supplier with substantially greater capacity for a batch of drug product with expected delivery in the second quarter of 2012. This will be the supplier who manufacturers the final drug product, incorporating the Grb-2 drug substance from the new Grb-2 antisense supplier (see Note 9.) with the lipids and other raw materials. The project plan requires the Company to pay the supplier approximately $250,000 for method transfer, engineering run test batch and delivery of the drug product lot for use in the Company’s Phase I clinical trial. See Note 1.