STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2015

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

(11) STOCKHOLDERS' EQUITY

Common Stock

        In December 2013, the Company filed an automatic shelf registration statement with the Securities and Exchange Commission to register for sale any combination of the types of securities described in the shelf registration statement.

        During the years ended December 31, 2015 and December 31, 2013, the Company issued 8,337,500 and 21,613,483 shares of its common stock in underwritten public offerings resulting in net proceeds to the Company of $188.8 million and $278.6 million, after deducting underwriting fees and offering expenses, respectively.

        During the year ended December 31, 2014, the Company entered into an amended and restated supply agreement with Biosyn Corporation. Under the supply agreement, Biosyn will manufacture and supply keyhole limpet hemocyanin (KLH) to the Company for use in connection with the development, manufacture or commercial sale of Rintega. In connection with the supply agreement, the Company issued to Biosyn 152,172 shares of its common stock having a value of $2.0 million. The Company is recording the $2.0 million to research and development expense through August 2021, the current term of the supply agreement.

        During the year ended December 31, 2013, Company issued 2,433,608 shares of its common stock under a controlled equity offering sales agreement with Cantor Fitzgerald & Co., as amended, resulting in net proceeds to the Company of $17.1 million, after deducting commission and offering expenses.

Convertible Preferred Stock

        At December 31, 2015, the Company had authorized 3,000,000 shares of preferred stock all of which have been designated Class C Preferred Stock including 350,000 shares which have been designated Series C-1 Junior Participating Cumulative Preferred Stock (the "Series C-1 Preferred Stock").