Stockholders' Equity

12 Months Ended

Dec. 31, 2013

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

6. Stockholders’ Equity

Year Ended December 31, 2012

On October 31, 2012, the Company completed a private placement financing of 6,750,000 shares of the Company’s common stock at a closing price of $1.60 for gross proceeds of $10.8 million.  The Company paid direct offering costs of $680,000.  See Note 5 regarding warrants granted with this offering.

During the year ended December 31, 2012, the Company issued 374,851 shares of common stock, in connection with the exercise of stock options, for proceeds of approximately $127,000. The Company also issued 1,768,167 shares of common stock in connection with the exercise of warrants, for proceeds of approximately $2.0 million. The Company also issued 3,552,210 shares of common stock as consideration for a second Exclusive Channel Collaboration Agreement with Intrexon, having a fair value of $7.8 million ($2.20 per share), based on the quoted closing trading price. These shares are subject to the registration rights agreement as described in Note 7. In connection with the private placement that was completed on October 31, 2012, the Company also entered into an agreement with NRM VII Holdings I, LLC, an affiliate of Intrexon that acquired 3,125,000 shares of the Company’s common stock in the private placement, pursuant to which NRM VII Holdings I, LLC agreed to be bound by the terms of and join Intrexon as a party to its registration rights agreement as described in Note 7. In addition, the Company issued 625,000 shares of common stock as consideration for the acquisition of the C. diff program assets of Prev ABR LLC, having a fair value of $1.2 million ($1.87 per share), based on the quoted closing trading price.

Year Ended December 31, 2013

On December 11, 2013, the Company completed a firm commitment underwritten public offering of 13,225,000 shares of the Company’s common stock at a closing price of $1.00 for gross proceeds of $13.2 million.  The Company paid direct offering costs of $1.0 million.  

During the year ended December 31, 2013, the Company issued 291,667 shares of common stock, in connection with the exercise of stock options, for proceeds of approximately $231,000. The Company also issued 334,911 shares of common stock in consideration for entering into worldwide exclusive license and option agreements with Cedars-Sinai Medical Center (“CSMC”), having a fair value of $425,000 ($1.27 per share), based on the average of prior 10 days quoted closing trading price.

On July 3, 2013, the Company entered into a Controlled Equity Offering^SM Sales Agreement with Cantor Fitzgerald & Co. pursuant to which it may offer and sell shares of the Company’s common stock in an at-the-market public offering (the “ATM”) for up to $15.0 million of shares of the Company’s common stock from time to time through Cantor Fitzgerald & Co., acting as agent. As of the date of this filing, the Company has not sold any shares under the ATM. The Company amended the Controlled Equity Offering ^SM Sales Agreement on December 10, 2013 to limit its ability to sell shares of the Company’s common stock under such agreement to the lesser of $15.0 million or the amount that the Company can sell under General Instruction I.B.6 of Form S-3, if still applicable, after this offering. The Company will not use the ATM unless and until it files an updated prospectus supplement reflecting the number or dollar amount of shares which it may sell under the ATM after taking into account the foregoing amendment, but only if such amount is less than $15.0 million.