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Subsequent Events
6 Months Ended
Jun. 30, 2015
Subsequent Events
(11) Subsequent Events

The Company has evaluated subsequent events from June 30, 2015 through the date of the issuance of these condensed consolidated financial statements.

On July 10, 2015, the Company closed the Second Private Placement and issued 38,867,180 Restricted ADSs, each representing one Series A Preference Share, which may be consolidated and redesignated from time to time as up to a maximum of 3,886,718 ordinary shares, each ordinary share to be represented by one ADS (see Note 8 – Equity). For each Restricted ADS, Sofinnova paid a negotiated price of $0.15 (equating to $1.50 on an as converted to ordinary share basis) resulting in gross proceeds to the Company of $5.8 million.