3.	Capital Availability

We incurred net losses of $22 million for the three months ended March 31, 2015 and $10.4 million for the three months ended March 31, 2014, respectively. We have an accumulated deficit of $360 million as of March 31, 2015. Additionally, we have used net cash of $5 million and $9 million to fund our operating activities for the three months ended March 31, 2015 and 2014, respectively. To date, these operating losses have been funded primarily from outside sources of invested capital and gross profits. On May 5, 2015, we entered into a Securities Purchase Agreement with certain institutional investors pursuant to which the Company agreed to sell up to $25 million of units, with each unit consisting of its common stock and one warrant to purchase one share of its common stock.

Pursuant to the recently announced securities transaction and related equity issuance, as well as anticipated gross profits and potential outside sources of capital, the Compnay believes it has sufficient cash to fund operations through at least the next 18 months, which includes minimum liquidity requirements of the Loan and Security Agreement, which requires us to maintain at least three months of cash on hand. The Company continues to seek additional capital through product revenues, strategic transactions, including extension opportunities under the awarded U.S. Department of Health and Human Service’s Biomedical Advanced Research and Development Authority (“BARDA”) contract, and from other financing alternatives.

Refer to note 12 for a discussion on our May 2015 financing.