Common Stock Placements

12 Months Ended

Dec. 31, 2013

Stockholders' Equity Note [Abstract]

Common Stock Placements

Common Stock Placements

Public Offering of Common Stock

In December of 2013, the Company completed a public offering the 'Offering” of 5,750,000 shares of its common stock at $6.80 per share. Proceeds from The Offering net of underwriting expenses of the Offering were $36,704,000. In addition, we incurred approximately $194,000 in various legal fees for services related to The Offering.

We intend to use the net proceeds from The Offering for general corporate purposes, including, but not limited to, research, development and further commercialization of our products, obtaining regulatory approvals, funding of our clinical trials, capital expenditures, working capital and future acquisitions of complementary businesses, technology or products, although we currently have no agreements or commitments with respect to any such investment or acquisition.

Each of our executive officers and directors, has agreed that, subject to certain exceptions, during the period ending 90 days after December 9, 2013, which we refer to as the restricted period, without the prior consent of Canaccord Genuity Inc., (the lead underwriter for The Offering) not to directly or indirectly offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise dispose of any shares of common stock or any securities that may be converted into or exchanged for any shares of our common stock, enter into any swap or other arrangement that transfers to another person, in whole or in part, any of the economic consequences of ownership of our common stock. The foregoing restrictions do not apply with respect to an aggregate of 150,000 shares of common stock held by certain entities in which our Chairman and Chief Executive Officer possesses sole voting and investment control.