XML 26 R14.htm IDEA: XBRL DOCUMENT v3.6.0.2
Lincoln Park Purchase Agreement
 12 Months Ended
Sep. 30, 2016
Business Combinations [Abstract]  
Lincoln Park Purchase Agreement
  Note 7 Lincoln Park Purchase Agreement

 

2013 Purchase Agreement

 

On July 5, 2013, the Company entered into a $10,000,000 purchase agreement (the “2013 Purchase Agreement”) with Lincoln Park Capital Fund, LLC, (“Lincoln Park”) an Illinois limited liability company (the “Financing”) pursuant to which the Company sold and issued to Lincoln Park, and Lincoln Park purchased $10,000,000 in value of its shares of common stock from time to time over a 25-month period.

 

During the year ended September 30, 2016, the Company issued to Lincoln Park an aggregate of 296,104 (2015: 1,852,144, 2014: 100,628) shares of common stock under the 2013 Purchase Agreement, including 290,523 (2015: 1,825,000, 2014: 100,000) shares of common stock for an aggregate purchase price of $1,684,560 (2015: $8,127,265, 2014: $188,170) and 5,581 (2015: 27,144, 2014: 628) commitment shares. At September 30, 2016, all remaining purchase amounts available under the 2013 Purchase Agreement have been utilized. As such, no further shares will be sold under the 2013 Purchase Agreement.

 

2015 Purchase Agreement

 

On October 21, 2015, the Company entered into a $50,000,000 purchase agreement (the “2015 Purchase Agreement”) with Lincoln Park pursuant to which the Company may sell and issue to Lincoln Park, and Lincoln Park is obligated to purchase, up to $50,000,000 in value of its shares of common stock from time to time over a 36-month period. In connection with the 2015 Purchase Agreement, the Company also entered into a registration rights agreement with Lincoln Park whereby the Company agreed to file a registration statement with the SEC covering the shares of the Company’s common stock that may be issued to Lincoln Park under the 2015 Purchase Agreement.

 

The Company may direct Lincoln Park, at its sole discretion, and subject to certain conditions set forth in the 2015 Purchase Agreement, to purchase up to 50,000 shares of common stock on any business day, provided that at least one business day has passed since the most recent purchase. The amount of a purchase may be increased under certain circumstances provided, however that Lincoln Park’s committed obligation under any single purchase shall not exceed $2,000,000. The purchase price of shares of common stock related to the future funding will be based on the then prevailing market prices of such shares at the time of sales as described in the 2015 Purchase Agreement.

 

In consideration for entering into the 2015 Purchase Agreement, the Company issued to Lincoln Park 179,598 shares of common stock as an initial commitment fee. Under the terms of the 2015 Purchase Agreement, the Company shall issue up to 89,799 shares pro rata, when and if, Lincoln Park purchases at the Company’s discretion, the $50,000,000 aggregate commitment.

 

During the year ended September 30, 2016, the Company issued to Lincoln Park an aggregate of 452,437 shares of common stock under the 2015 Purchase Agreement, including 450,000 shares of common stock for an aggregate purchase price of $1,357,800 and 2,437 commitment shares.