Annual report pursuant to Section 13 and 15(d)

Subsequent Events

v3.7.0.1
Subsequent Events
12 Months Ended
Dec. 31, 2016
Subsequent Events [Abstract]  
Subsequent Events [Text Block]
8.
Subsequent Events
 
On February 9, 2017, we entered into an Underwriting Agreement (the “Underwriting Agreement”) with Roth Capital Partners, LLC, as representative of the several underwriters identified therein (collectively, the “Underwriters”), pursuant to which we sold in a registered public offering (the “Offering”), 3,710,000 units, priced at a public offering price of $1.35 per unit, with each unit consisting of: (i) one share of common stock, (ii) a five-year Series A warrant to purchase 0.50 of a share of common stock, (iii) a 90-day Series B warrant to purchase one share of common stock, and (iv) a five-year Series C warrant to purchase 0.50 of a share of common stock. The Series C warrants in a unit may only be exercised to the extent and in proportion to a holder of the Series C warrants exercising its Series B warrants included in the unit. The Series A and Series C warrant have an exercise price of $1.50 per share of common stock. The Series B warrant has an exercise price of $1.35 per share of common stock.
 
Under the terms of the Underwriting Agreement, we granted the Underwriters a 45-day option to purchase an additional 556,500 shares of common stock and/or an additional 556,500 warrant combinations (comprised of an aggregate of 278,250 Series A warrants, 556,500 Series B warrants and 278,250 Series C warrants), in any combinations thereof, from us to cover over-allotments at the public offering price per share of $1.349 and public offering price per warrant combination of $.001, respectively, less the underwriting discounts and commissions. Upon the closing of the Offering, the Underwriters exercised the over-allotment option with respect to 278,100 warrant combinations. We received approximately $4.4 million in net proceeds from the Offering, after deducting underwriting discounts and commissions and estimated offering expenses.
 
On March 21, 2017, we received notice that FDA had granted us Orphan Drug designation for Annamycin for the treatment of AML.
 
Subsequent to March 22, 2017, investors in the aforementioned offering on February 9, 2017, have excerised approximately 600,000 Series B warrants resulting in approximately gross proceeds to the Company of $800,000 and approximately 600,000 shares of the Company’s common stock being issued.
 
On January 13, 2017, the Company issued to two of its Science Advisory Board (“SAB”) members 10,000 options each with an excerise price of $2.31 with 3-year annual vesting and 79,167 shares to a former SAB member to settle an accounts payable of $237,500 in past due amounts.