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STOCK TRANSACTIONS
 6 Months Ended
Jun. 30, 2012
STOCK TRANSACTIONS

NOTE 3 - STOCK TRANSACTIONS

 

a. On February 22, 2012, the Company issued and sold 5,175,000 shares of Common Stock in an underwritten public offering at a price to the public of $5.25 per share. The net proceeds to the Company were approximately $25,388,000 (net of underwriting commissions and issuance costs of approximately $1,780,000).

 

b. During the six months ended June 30, 2012, the Company issued a total of 1,117,249 shares of Common Stock in connection with the exercise of a total of 1,117,249 options by certain officers and employees of the Company. The Company received aggregate cash proceeds equal to approximately $1,055,000 in connection with such exercises.

 

c. Following FDA approval of taliglucerase alfa on May 1, 2012, the Company started recognizing compensation costs in relation to performance-based awards that were granted in February 2010 to certain officers and employees of the Company which vest over a three-year period commencing upon the FDA's approval of taliglucerase alfa. During the second quarter of 2012, the Company recorded an expense in the amount of approximately $3.5 million for the cumulative period from the date of grant.