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Shareholders' Equity
 9 Months Ended
Sep. 30, 2013
Shareholders’ Equity [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]
Shareholders' Equity

Reverse Stock Split

On June 28, 2013, pursuant to prior shareholder authorization, the Company’s board of directors unanimously approved a 1-for-10 reverse stock split of the Company’s common stock, which the Company effected on July 16, 2013. All share and per share amounts of common stock, options and warrants in the accompanying financial statements have been restated for all periods to give retroactive effect to the reverse stock split. The shares of common stock retained a par value of $0.001 per share. Accordingly, the stockholders’ deficit reflects the reverse stock split by reclassifying from “common stock” to “Additional paid-in capital” an amount equal to the par value of the decreased shares resulting from the reverse stock split.

Equity Issuances

In September 2011, the Company entered into a Common Stock Purchase Agreement, (the “Purchase Agreement”) with Aspire Capital Fund, LLC, an Illinois limited liability company (“Aspire Capital”), which provides that, subject to certain terms and conditions, Aspire Capital is committed to purchase up to an aggregate of $20.0 million worth of shares of the Company’s common stock over the term of the Purchase Agreement (initially 24 months). At the Company’s discretion, it may present Aspire Capital with purchase notices under the Purchase Agreement from time to time, to purchase the Company’s Common Stock, provided certain price and other requirements are met. The purchase price for the shares of stock is based upon one of two formulas set forth in the Purchase Agreement depending on the type of purchase notice we submit to Aspire Capital from time to time, and is based on market prices of the Company’s common stock (in the case of regular purchases) or a discount of 5% applied to volume weighted average prices (in the case of VWAP purchases), in each case as determined by parameters defined in the Purchase Agreement. The Company and Aspire Capital shall not effect any sales under the Purchase Agreement on any date where the closing sales price is less than 75% of the closing sales price on the business day immediately preceding the date of the Purchase Agreement. The Company’s net proceeds will depend on the purchase price and the frequency of the Company’s sales of shares to Aspire Capital; provided, however, that the maximum aggregate proceeds from sales of shares is $20.0 million. The Company’s delivery of purchase notices will be made subject to market conditions, in light of the Company’s capital needs from time to time and under the limitations contained in the Purchase Agreement. As consideration for entering into the Purchase Agreement, effective September 30, 2011, we issued 99,010 shares of our Common Stock to Aspire Capital (the “Commitment Shares”). The issuance of shares of common stock to Aspire Capital pursuant to the Purchase Agreement, including the Commitment Shares, and the sale of those shares from time to time by Aspire Capital to the public, are covered by an effective shelf registration statement on Form S-3.

In August 2012, the Company and Aspire entered into an amendment to the Purchase Agreement providing for an extension of the term of the Purchase Agreement until September 30, 2015. Pursuant to the amendment, we agreed to issue to Aspire a five-year warrant to purchase up to 161,290 shares of our common stock at an exercise price of $6.00 per share (the closing price of our common stock on the date the amendment was executed).

During the nine months ended September 30, 2013, the Company issued 1,639,659 shares of Common Stock under the provisions of its equity line of credit with Aspire for gross proceeds of approximately $11.1 million. As of September 30, 2013, the remaining amount available to the Company under the Purchase Agreement was $5.6 million.

In the second quarter of 2013, the Company completed an underwritten offering of 2.0 million shares of the Company's common stock, at a public offering price of $5.00 per share.  The underwriters also exercised their entire over-allotment option of 0.3 million shares. The Company received gross proceeds of $11.5 million, before deducting underwriting discounts and commissions and offering expenses payable by the Company.

Option Exercises

During the nine months ended ended September 30, 2013, option holders exercised an aggregate of 16,369 options at exercise prices between $4.90 and $5.90 per share for gross proceeds of approximately $0.1 million.


Warrant Exercises

To raise capital on terms that we deemed favorable, during the nine months ended September 30, 2013, the Board authorized certain inducements to warrant holders to exercise outstanding common stock purchase warrants significantly before their expiration dates. The Company determined in each instance that such inducements were modifications of equity instruments, and an incremental fair value of the inducement was determined using the Black-Scholes option pricing model.

During the nine months ended ended September 30, 2013, warrant holders exercised an aggregate of 401,215 warrants at exercise prices between $5.10 and $7.40 per share for gross proceeds of approximately $2.1 million. As an inducement to exercise, we paid certain warrant holders $0.30 per share upon each exercise. The incremental fair value of the inducement recorded was $0.
Stock Options and Warrants

The following table summarizes the activity for stock options and warrants for the nine months ended September 30, 2013:
 
Stock Options
 
Warrants
 
Shares
 
Weighted Average Exercise Price
 
Shares
 
Weighted Average Exercise Price
Outstanding at December 31, 2012
2,168,668

 
$12.85
 
5,528,761

 
$15.65
 
 
 
 
 
 
 
 
Changes during the Year:
 
 
 
 
 
 
 
Granted
895,418

 
7.06
 
42,835

 
6.28
Exercised
(16,369
)
 
5.29
 
(401,215
)
 
5.30
Forfeited
(86,212
)
 
5.51
 
—

 
—
Expired
(120,837
)
 
16.99
 
(116,079
)
 
20.61
Outstanding at September 30, 2013
2,840,668

 
$11.12
 
5,054,302

 
$16.26
 
 
 
 
 
 
 
 


During the nine months ended September 30, 2013 and 2012, the Company issued warrants for services as follows ($ in thousands, except share data):
 
 
Nine Months Ended September 30,
  
 
2013
 
2012
Number of Common Stock Purchase Warrants Issued
 
20,407

 
38,500

Value of Common Stock Purchase Warrants Issued
 
$
70.5

 
$
166.2







Restricted Stock

During the nine months ended September 30, 2013 and 2012, the Company issued restricted stock for services as follows ($ in thousands, except share data):

 
 
Nine Months Ended September 30,
  
 
2013
 
2012
Number of Restricted Stock Issued
 
452,454

 
269,727

Value of Restricted Stock Issued
 
$
2,967.7

 
$
1,438.6



The weighted average estimated fair value of restricted stock issued for services in the nine months ended September 30, 2013 and 2012 was $6.56 and $5.33 per share, respectively. The fair value of the restricted stock was determined using the Company’s closing stock price on the date of issuance. The vesting terms of restricted stock issuances are generally within one year.