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Subsequent Events
3 Months Ended
Mar. 31, 2013
Subsequent Events [Abstract]  
Subsequent Events

Note 12. Subsequent Events

Subsequent to the end of the first quarter, we sold a total of 83,100 shares of our common stock at an average price per share of $1.87 for gross proceeds of approximately $155,000. The shares were sold under the 2012 amended sales agreement. The sales agent is paid compensation up 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 April 2013, we received approximately $9,900,000 net of fees, under a loan and security agreement with Silicon Valley Bank (SVB). The loan proceeds will be used for general corporate purposes. The loan has a three-year term and bears interest at an annual rate of 6%. For the first six months, payments will be interest only followed by repayment of principal and interest over a period of 30 months. There is also a final $1,000,000 fee payment at the end of the term. In connection with the loan agreement, we issued to SVB a ten year warrant to acquire 293,531 shares of common stock at an exercise price of $1.7034 per share.