SUBSEQUENT EVENT

12 Months Ended

Dec. 31, 2013

SUBSEQUENT EVENT

SUBSEQUENT EVENT

12. SUBSEQUENT EVENT

        On February 12, 2014, the Company completed its $10.3 million registered direct offering with the issuance of 3,960,000 shares of common stock at a price of $2.60 per share for net proceeds of $9,472,320. The Company and RCF are currently discussing the level of participation accorded RCF per its anti-dilution rights under the Loan Agreement.

        On January 29, 2014, the Company's shareholders approved the RCF loan agreement and the issuance of approximately 7.5 million shares of common stock related to the Loan Agreement. The Company had closed the loan agreement with RCF on November 13, 2013 and had borrowed an initial $3.0 million as part of the first tranche available under the Loan Agreement. On February 4, 2014, the Company borrowed the remaining $2.0 million of the first tranche under the Loan Agreement.

        In January 2014, the Company sold 523,350 shares of its common stock for net proceeds of approximately $1.9 million under the ATM Sales Agreement with BTIG, LLC. As of February 1, 2014, approximately $7.1 million of the aggregate $15.0 million remained available for future sales under the ATM Sales Agreement. RCF declined its participation rights for this equity financing.