7. Warrants

On January 4, 2016, the Company entered into an Asset Purchase Agreement with Novolytics Limited to purchase certain preclinical materials and intangible assets, including patent rights. In consideration for the assets acquired, the Company paid cash consideration of approximately $205,000 and issued warrants to purchase an aggregate of 17,000 shares of the Company’ common stock. During the three months ended March 31, 2016, the Company expensed the total value provided for the acquired assets of $409,000, which included warrants with a fair market value of $204,000, to in-process research and development.

There were no warrants issued or exercised during the three months ended March 31, 2017. The following table provides a summary of warrants outstanding.



	$7.50			$22.50			$40.50 - $82.50				$107.50 - $120.00				Totals
		Weighted			Weighted				Weighted				Weighted				Weighted
		Average			Average				Average				Average				Average
		Exercise			Exercise				Exercise				Exercise				Exercise
	Shares	Price		Shares	Price		Shares		Price		Shares		Price		Shares		Price
Balance at March 31, 2017	533,500	$	7.50	106,383	$	22.50		69,406	$	58.16		65,848	$	110.73		775,137	$	22.86