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Lincoln Park Purchase Agreement
6 Months Ended
Mar. 31, 2018
Business Combinations [Abstract]  
Lincoln Park Purchase Agreement
  Note 3 Lincoln Park Purchase Agreement

 

On October 21, 2015, the Company entered into a $50,000,000 purchase agreement (the “2015 Purchase Agreement”) with Lincoln Park Capital Fund, LLC (“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.

 

The Company may direct Lincoln Park, at its sole discretion, and subject to certain conditions, 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 a commitment fee and agreed to 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 six months ended March 31, 2018, the Company issued to Lincoln Park an aggregate of 1,242,001 (2017: 5,155,200) shares of common stock under the Purchase Agreement, including 1,233,580 (2017: 5,122,841) shares of common stock for an aggregate purchase price of $4,688,370 (2017: $18,016,121) and 8,421 (2017: 32,359) commitment shares. At March 31, 2018, an amount of $16,683,157 remained available under the 2015 Purchase Agreement.