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STOCKHOLDERS' EQUITY
3 Months Ended
Mar. 31, 2018
Stockholders Equity Note [Abstract]  
STOCKHOLDERS' EQUITY

4. STOCKHOLDERS’ EQUITY

On August 28, 2015, we entered into an At Market Issuance Sales Agreement, or the 2015 Sales Agreement, with MLV & Co. LLC, or MLV, under which we could elect to issue and sell shares of our common stock having an aggregate offering price of up to $50,000,000. Pursuant to the 2015 Sales Agreement, common stock was sold at market prices prevailing at the time of sale through MLV as our sales agent. We paid MLV an aggregate commission rate equal to up to 3.0% of the gross proceeds of the sales price per share for common stock sold through MLV under the 2015 Sales Agreement.

In the first quarter of 2018, we sold an aggregate of 776,788 shares of our common stock pursuant to the 2015 Sales Agreement, resulting in net cash proceeds to us of approximately $1,553,000 after deducting sales commissions and offering expenses payable by us. For further discussion of our use of the 2015 Sales Agreement, see Note 5 on Subsequent Event.