Subsequent Event

12 Months Ended

Dec. 31, 2013

Note 10- Subsequent Event

On January 15, 2014, the Company entered into an employment agreement with its Chief Executive Officer and its Chief Financial Officer, with an effective date of December 22, 2013. Each agreement has a term of two years and will be automatically extended for additional one-year periods unless the Company notifies the officer at least 180 days prior to the then current expiration date that it intends to not extend the employment agreement. The employment agreements provide for a base salary of $475,000 per year for the Chief Executive Officer and $300,000 for the Chief Financial Officer, and an annual discretionary bonus of up to 50% of the officer’s base salary based on financial, clinical development and business milestones established by the Board of Directors.

In January 2014, the Company sold an aggregate of 462,364 shares of its common stock in its at-the-market common equity offering program, resulting in net proceeds of approximately $1,763,000 or $3.81 per share.

In February 2014, all 220,000 outstanding shares of the Company’s Series A non-voting convertible preferred stock converted into an aggregate of 2,200,000 shares of common stock.