Reverse Stock Split and Public Offering

9 Months Ended

Sep. 30, 2015

Equity [Abstract]

Reverse Stock Split and Public Offering

Reverse Stock Split and Public Offering

In June 2015, the Company filed an amendment to its Fifth Amended and Restated Certificate of Incorporation to effect a reverse stock split of the Company’s common stock at a ratio of 1-for-8, and a change in the number of authorized shares of the Company’s common stock to 50,000,000 shares, which was approved by the Company's shareholders at the annual meeting held on June 18, 2015. The reverse stock split and change in authorized shares became effective July 1, 2015. Accordingly, all historical per share information presented in these consolidated financial statements as been adjusted to reflect the effect of the reverse stock split and change to authorized shares of common stock.

In August 2015, the Company completed a public offering of 5,462,500 shares of its common stock at a public offering price of $18.00 per share, including the option to purchase 712,500 additional shares granted to the underwriters. The shares were registered pursuant to a registration statement on Form S-3 filed on November 6, 2014. The Company received net proceeds of approximately $92,000,000, after deducting underwriting discounts and commissions and offering-related transaction costs.