Subsequent Events

6 Months Ended

Jun. 30, 2015

Subsequent Events [Abstract]

Subsequent Events

Note 7. Subsequent Events

In accordance with the QLT Note, the Company borrowed an additional $1,100,000 from QLT in July 2015.

In August 2015, the Company received an unsolicited proposal from a multi-national pharmaceutical company to acquire all outstanding shares of its common stock at a price of $0.25 per share in cash. The Company remains subject to the Merger Agreement and the Company’s Board of Directors has not changed its recommendation in support of the Merger, the Merger Agreement, or its recommendation that the Company’s stockholders adopt the Merger Agreement.

The Company evaluated subsequent events through the date on which the financial statements were issued and determined that there were no subsequent events that required adjustments or disclosures to the financial statements for the quarter ended June 30, 2015.