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Common Stock
 9 Months Ended
Sep. 30, 2012
Common Stock [Abstract]  
Common Stock

Note 9. Common Stock

In the third quarter of 2012, we sold a total of 7,956,061 shares of our common stock at an average price per share of $2.10 for gross proceeds of approximately $16,738,000. The shares were sold under a sales agreement entered into in June 2009 and the sales agent is paid compensation equal to 3% of gross proceeds pursuant to the terms of the agreement. The shares were offered under our shelf registration statement previously filed with, and declared effective by, the SEC.

In the first and second quarters of 2012, an aggregate of 2,700,000 Series B Warrants were exercised and we received gross proceeds of $3,375,000. The remaining 5,300,000 Series B Warrants expired unexercised by their terms on May 2, 2012. For the exercise of these warrants, we issued 2,700,000 shares of our common stock and 2,700,000 Series A Warrants. The Series A Warrants have an initial exercise price of $1.40 per share and will expire on the fifth anniversary of the closing date of the initial financing transaction in December 2011.

In the third quarter of 2012, an aggregate of 1,445,400 Series A Warrants were exercised. For the exercise of these warrants, we issued 1,445,400 shares of our common stock and received gross proceeds of $977,900 and $1,045,660 in the third and fourth quarters of 2012 respectively.