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Subsequent Events
6 Months Ended
Jun. 30, 2012
Subsequent Events

10. Subsequent Events

 

In July of 2012, the Company received approximately $155,000 in net funds from the sale of its common stock through a private placement offering to accredited investors. Previously, at the end of June, 2012 the Company received $135,000 in net funds from the sale of its common stock though the private placement. In total, the Company has raised approximately $1 million, of which approximately $320,000 in funds has been processed into the Company’s account net of commissions and the balance is in various stages of being processed and collected through escrow. The Company intends to continue selling its common stock through this private placement with a goal of raising $2 million.

 

In July of 2012, the Company received a new lot of drug product for testing in its clinical trial. As a result, Cohort 4 of its clinical trial opened for enrollment. Since the new drug was delivered to the Company in July of 2012, the amount of cost carried on the Balance Sheet as Prepaid Drug Product for Testing will be expensed in the third quarter, 2012.