WARRANTS FOR COMMON STOCK (Tables)

9 Months Ended

Sep. 30, 2017

Warrants For Common Stock [Abstract]

Outstanding warrants at September 30, 2017 consisted of the following:

	Number of		Exercise
Warrant Description	Warrants		Price		Expiration
December 2011 convertible NP warrants		700,148	$	1.3816	February 6, 2018
November 2012 PPO warrants		116,500	$	0.6000	November 9, 2017
August 2012 convertible NP warrants ⁽¹⁾		94,721	$	0.9310	August 8, 2018
June 2017 warrants pursuant to warrant exercise agreements		11,293,211	$	2.1500	December 20, 2022

Total warrants outstanding ⁽²⁾		12,204,580

(1) Includes anti-dilution features.

(2) Excludes 2,000,000 Tranche 2 and Tranche 3 warrants that will never become exercisable, as discussed in Note 6.

Roll-Forward of Warrant Liability from Intitial Valuation

The following table is a roll-forward summary of the warrant liability:

Fair value at December 31, 2015	$	2,898,296
Reclassification of warrant liability to capital in excess of par		(2,810,000)
Gain as a result of change in fair value		(29,615)
Fair value at December 31, 2016		58,681
Loss as a result of change in fair value		138,813
Fair value at September 30, 2017	$	197,494

Warrant Activity

The following table summarizes the Company’s warrant activity since December 31, 2015:

	Number of
	Warrants
Warrants outstanding at December 31, 2015		16,634,778
Warrants issued in conjunction with registered direct offering		2,500,000
Unexercisable warrants(1)		(2,000,000)
Warrants exercised during January 2016		(67,042)
Warrants expired during January 2016		(6,831,115)
June 2015 registered direct offering warrants cancelled		(3,000,000)
February 2016 registered direct offering warrants cancelled		(2,500,000)
Warrants issued in conjunction with July 2016 registered direct offering		7,043,211
Additional warrants due to anti-dilution provisions		2,089
Warrants expired during September 2016(2)		(2,250,000)
Warrants issued in conjunction with October 2016 registered direct offering		4,250,000
Warrants outstanding at December 31, 2016		13,781,921
Warrants expired during February 2017		(172,730)
Warrants exercised during March 2017		(202,500)
Warrants exercised during April 2017		(162,000)
Warrants exercised during May 2017		(221,366)
Warrants expired during May 2017		(45,834)
Warrants exercised during June 2017		(6,116,903)
Warrants issued pursuant to June 2017 warrant exercise agreements		5,584,659
Warrants exercised during July 2017		(2,000,000)
Warrants exercised during August 2017		(3,949,219)
Warrants issued pursuant to June 2017 warrant exercise agreements		5,708,552
Warrants outstanding at September 30, 2017		12,204,580

Composition of outstanding warrants:
Warrants containing anti-dilution feature		94,721
Warrants without anti-dilution feature		12,109,859
		12,204,580

(1) Tranche 2 and Tranche 3 warrants that will never become exercisable, as discussed in Note 6.

(2) Tranche 1A and Tranche 1B warrants expired unexercised on September 29, 2016.

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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