SUBSEQUENT EVENT

6 Months Ended

Jun. 30, 2018

Subsequent Events [Abstract]

SUBSEQUENT EVENT

9. SUBSEQUENT EVENT

From July 1, 2018 through July 31, 2018, the Company sold 38,700 shares of its common stock at an average cost of $12.20 per share under the terms of its Sales Agreement. The sales of these shares generated net proceeds of approximately $458,000 (See Note 4).

On July 26, 2018, the Company filed a new registration statement on Form S-3 with the SEC. Once declared effective, the Company will be able to offer and sell in one or more offerings, any combination of common stock, preferred stock, senior of subordinated debt securities, warrants and units, up to a total dollar amount of $150 million.