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SUBSEQUENT EVENTS - Note 11
3 Months Ended
Mar. 31, 2019
Included in accompanying consolidated balance sheets under the following captions:  
SUBSEQUENT EVENTS - Note 11

11. SUBSEQUENT EVENTS

 

In April 2019, we entered into an agreement with Lincoln Park. Proceeds from any sales of stock are expected to be used for general corporate purposes.

Under the terms of the agreement, Lincoln Park initially purchased $1.0 million in shares of common stock at a purchase price of $0.9821. In addition, for a period of 24 months, we have the right, at our sole discretion, to sell up to $10.0 million of additional common stock to Lincoln Park, subject to certain limitations, based on the prevailing market prices of our shares at the time of each sale.

Lincoln Park has no right to require any sales and is obligated to purchase the common stock as directed by us, subject to certain limitations set forth in the agreement. Lincoln Park has agreed not to cause or engage in any manner whatsoever, any direct or indirect short selling or hedging of our shares of common stock. In consideration for entering into the agreement, we have issued 250,000 shares of common stock to Lincoln Park as a commitment fee. No warrants, derivatives, or other share classes are associated with this agreement.

In April 2019, we raised an additional $2.0 million before issuance costs through a registered direct offering of 2.3 million shares of our common stock to a private investor. This transaction is expected to close on April 26, 2019.