Equity Transactions

12 Months Ended

Dec. 31, 2012

Equity Transactions [Abstract]

Equity Transactions

10. Equity Transactions

On October 23, 2012, the Company completed a $23.0 million underwritten public offering, in which it sold and issued 9.2 million shares of common stock at a price of $2.50 per share.  Net of underwriting discounts, legal, accounting and other offering expenses, the Company received proceeds of approximately $21.5 million. Immediately after the sale, the Company had approximately 30.6 million shares of common stock outstanding, without giving effect to the possible exercise of any of the Company's outstanding warrants or stock options.

Effective May 15, 2012, the Company completed a 1-for-7 reverse stock split of the Company's outstanding shares of common stock; no change was made to the per-share par value of the common stock or to the number of shares of authorized common stock.

On August 1, 2011, the Company undertook a $20.4 million underwritten public offering in which it sold and issued 5.6 million shares of common stock at a price of $3.57 per share and warrants at a price of $0.07 per warrant to purchase up to approximately 6.4 million shares of common stock at an exercise price of $4.48 per share.  Net of underwriting discounts, legal, accounting and other offering expenses, the Company received proceeds of approximately $18.9 million.

On July 8, 2011, the Company effected an increase in the authorized shares of common stock from 175,000,000 shares to 250,000,000 shares and an increase in the designated number of shares of Series A Preferred Stock associated with the Company's rights plan from 15,000 shares to 25,000 shares.