XML 35 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Common Stock
3 Months Ended
Mar. 31, 2013
Common Stock [Abstract]  
Common Stock
(8)
Common Stock

In December 2012, the Company entered into a Common Stock Purchase Agreement (Purchase Agreement) with Terrapin Opportunity, L.P. (Terrapin) for a committed equity financing facility (CEFF) program. The Purchase Agreement provides that Terrapin is committed to purchase up to $35,000,000 of our common stock over the 24-month term of the Purchase Agreement. During the three months ended March 31, 2013, the Company sold approximately 5.6 million shares of its common stock through the program for proceeds of approximately $9.0 million. Net proceeds after related expenses were approximately $8.9 million. Due to the timing of the transaction settlement, the funds related to the sale of the Company's common stock were received prior to the end of the quarter but the shares were not issued until April 1, 2013. The shares were issued pursuant to an effective registration statement on Form S-3 (333-183675) and are reported on the condensed consolidated balance sheet in Common Stock to be Issued. These shares are appropriately excluded from shares issued and outstanding at March 31, 2013. The net proceeds will be used for general corporate purposes, including, but not limited to, commercialization of our products, obtaining regulatory approvals, funding of our clinical trials, capital expenditures and working capital. In addition to the $9.0 million raised during the three months ended March 31, 2013, the Company previously raised $2.1 million under the CEFF program. As a result, there was approximately $23.9 million available under this CEFF program as of March 31, 2013.

During the three months ended March 31, 2013, the Company sold approximately 14.2 million shares of its common stock under a Sales Agreement with Cowen and Company, LLC through an "at the market" equity offering program for net proceeds of approximately $20.9 million before related expenses. The net proceeds will be used for general corporate purposes, including, but not limited to, commercialization of our products, obtaining regulatory approvals, funding of our clinical trials, capital expenditures and working capital. There are no shares of common stock of the company remaining for sale under the program or registered pursuant to registration statement 333-165677.

On March 13, 2013, the Company entered into a sales agreement (the "Sales Agreement") with Cowen and Company, LLC to sell shares of the Company's common stock, par value $.01 per share, having aggregate sales proceeds of $50,000,000, from time to time, through an "at the market" equity offering program under which Cowen and Company, LLC will act as sales agent. The net proceeds will be used for general corporate purposes, including, but not limited to, commercialization of our products, obtaining regulatory approvals, funding of our clinical trials, capital expenditures and working capital.

During the three months ended March 31, 2013, the Company issued 0.2 million shares of its common stock upon the exercise of 2012 Warrants for proceeds of approximately $0.2 million.