XML 26 R19.htm IDEA: XBRL DOCUMENT v3.20.1
Subsequent Events
12 Months Ended
Dec. 31, 2019
Subsequent Events [Abstract]  
Subsequent Events

Note 12. Subsequent Events

 

Sales Pursuant to our FBR At Market Issuance Sales Agreement

 

From January 1, 2020 through March 23, 2020, the Company issued 1,732,115 shares of common stock pursuant to the FBR Sales Agreement at a weighted average price of $2.30 per share.

 

Exercise of Warrants from the July 2, 2018 Public Offering

 

From January 1, 2020 through March 23, 2020, the Company issued 304,615 shares of common stock from the exercise of warrants issued in the July 2, 2018 public offering at an exercise price of $2.25.

 

Hy Biopharma Milestone Payment

 

On September 3, 2014, the Company entered into an Asset Purchase Agreement ("APA") with Hy Biopharma, pursuant to which the Company acquired certain tangible and intangible assets, properties and rights of Hy Biopharma related to the development of Hy Biopharma's synthetic hypericin product, which the Company refers to as SGX301. Pursuant to the APA, the Company is required to issue Hy Biopharma shares of common stock upon the achievement of certain milestones, including if the Company's Phase 3 clinical trial of SGX301 is successful in demonstrating efficacy and safety in the CTCL patient population.

 

On March 17, 2020, the Company determined the Phase 3 clinical trial of SGX301 to be successful in the treatment of CTCL. Accordingly, the Company issued 1,956,182 shares of common stock to Hy Biopharma as payment for achieving such milestone under the APA. The number of shares of common stock issued to Hy Biopharma was calculated using an effective price of $2.56 per share, based upon a formula set forth in the APA.