Note 4 - Stockholders' Equity

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

Note 4  – Stockholders ’ Equity

February 2017

Private Placement

On

February 15, 2017,

we completed a private placement offering of

7,049

Series A Convertible Preferred Stock units

at a price per unit of

$1,495,

for an aggregate purchase price of approximately

$10.5

million, including

$1.6

million of non-cash consideration representing a reduction in amounts due and accrued as of

December 31, 2016

for current development services that otherwise would have become payable in cash in the

first

and

second

quarters of

2017.

Each unit consists of: (i)

one

share of Series A Convertible Preferred Stock, par value

$0.001

per share (Preferred Shares); and (ii)

1,000

Series A-

1

Warrants (Warrants) to purchase

one

share of common stock at an exercise price equal to

$1.37

per share. Each Preferred Share

may

be converted at the holder's option at any time into

1,000

shares of common stock at a conversion price of

$1.37

per share. The Warrants

may

be exercised beginning

August 15, 2017

and through

February 15, 2024.

The Preferred Shares and the Warrants

may

not

be converted or exercised to the extent that the holder would, following such exercise or conversion, beneficially own more than

9.99%

(or other lesser percent as designated by each holder) of our outstanding shares of common stock. In addition to the offering, the securities purchase agreement also provides that, until

February 13, 2018,

the investors are entitled to participate in subsequent bona fide capital raising transactions that we

may

conduct. 

As of

August 15, 2017,

3,846

Preferred Shares have been converted into

3,846,000

shares of common stock and

3,203

Preferred Shares remain outstanding.

At-the-Market (ATM) Program

During the

three

and

six

months ended

June 30, 2017,

we completed offerings of our common stock under our ATM Program of

41,231

shares and

847,147

shares, respectively. This resulted in an aggregate purchase price of approximately

$48,000

 (

$46,000

 net) and

$1,082,000

 (

$1,036,000

 net), respectively, for the

three

and

six

month periods ended

June 30, 2017.  

During the

three

months ended

June 30, 2016,

there were

no

offerings under our ATM Program.  During the

six

months ended

June 30, 2016,

we completed offerings of our common stock under our ATM Program of

27,971

shares for an aggregate purchase price of approximately

$71,000

(

$69,000

net).

Effective

May 5, 2017,

we

were

no

longer able to make use of our ATM Program (

see

, “–Note

2

– Liquidity Risks and Management’s Plans”).