Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

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Subsequent Events
6 Months Ended
Jun. 30, 2017
Subsequent Events [Abstract]  
Subsequent Events [Text Block]
8.
Subsequent Events
 
On July 6, 2017, the Company received a letter from NASDAQ notifying us that we had regained compliance with NASDAQ Listing Rule 5550(a)(2) as a result of the closing bid price for the Company’s common stock being at $1.00 or more for a minimum of 10 consecutive business days. On May 18, 2017, the Company received a deficiency letter from NASDAQ notifying us that for the last 30 consecutive business days, the bid price for the Company’s common stock had closed below the minimum $1.00 per share requirement for continued inclusion on the Nasdaq Capital Market. 
 
On July 18, 2017, the Company signed a new technology license agreement with MDA Cancer Center based on new patent applications it intends to file relating to its drug Annamycin for the treatment of relapsed or refractory AML.
 
On July 24, 2017, the Company was notified by Ms. Jacqueline Northcut of her desire to resign from the Company’s Board of Directors, effective on such date. Ms. Northcut’s resignation was not a result of or caused by any disagreement with the Company.
 
On that same date, the Company entered into a consulting agreement with Ms. Northcut pursuant to which Ms. Northcut agreed to provide consulting services to the Company regarding the clinical development of the Company’s drug portfolio. The consulting agreement provides for a term of one-year with base consulting fees of $13,750 payable per quarter. Pursuant to the consulting agreement, the Company issued Ms. Northcut a five-year option to purchase 15,000 shares of common stock at an exercise price equal to the closing price of the Company’s common stock on the date of the agreement. In addition, the Company agreed to accelerate the vesting of the option previously issued to Ms. Northcut in September 2016.
 
On July 24, 2017, the Company’s Board appointed John M. Climaco as an independent member of the Company’s Board of Directors. In addition, effective on such date, the Board awarded Mr. Climaco an initial option grant, per policy to new members, to purchase 20,000 shares of common stock and the Board also awarded options to purchase 15,000 shares of common stock to the other two independent directors for their annual grants per policy. All of these option grants were made under the 2015 Stock Option Plan. Furthermore on July 29, 2017, the Board of Directors added Mr. Climaco to its Audit Committee
 
Subsequent to June 30, 2017 and through the date of filing of these financial statements, approximately 450,000 additional Series A warrants related to our February 2017 public offering of common stock have been exercised, leaving approximately 500,000 Series A, Series C, and Broker warrants outstanding. As a result of this exercise, the Company should receive approximately $675,000 before expenses once all of the paperwork and bank wires have been completed.