EQUITY FINANCINGS

9 Months Ended

Sep. 30, 2013

Equity [Abstract]

EQUITY FINANCINGS

6. EQUITY FINANCINGS

In January 2013, the Company sold approximately 87,000 shares of common stock through its At-The-Market (ATM) offering that originally commenced in September 2012 (the 2012 ATM). The sales in January 2013 generated $2.1 million in net proceeds and fully exhausted the sales of common stock available under the 2012 ATM sales agreement.

On July 3, 2013, the Company entered into a second ATM offering (the 2013 ATM) allowing the Company to sell, at its option, up to an aggregate of $125 million of shares of common stock at market prices. Through September 30, 2013, the Company has sold approximately 3.4 million shares under the 2013 ATM generating $123.0 million in net proceeds and has completed the sales of common stock available under the arrangement.