Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

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Subsequent Events
9 Months Ended
Sep. 30, 2017
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events

Subsequent to September 30, 2017 and through the date of filing of these financial statements, approximately 25,000 additional Series A warrants related to our February 2017 public offering of common stock have been exercised, leaving approximately 420,000 Series A and Broker warrants outstanding. As a result of this exercise, the Company received approximately $0.04 million.

Additionally, under the At Market Issuance Sales Agreement mentioned in Note 5 and subsequent to September 30, 2017, the Company sold approximately 345,000 shares with gross proceeds of approximately $0.8 million.

On October 3, 2017, the Board of Directors, after researching comparable companies and using a leading industry survey, approved the issuance of 10-year options, with 4-year vesting, to purchase 590,000 shares, in the aggregate, of the Company’s common stock, under the Company’s 2015 Stock Plan, to its executive officers and other employees. The options had an exercise price of $2.49 per share.

On October 31, 2017, the Company added Sandra Silberman, M.D., PH.D., as Chief Medical Officer - New Products. The Board of Directors approved the issuance of 10-year options, with 4-year vesting, to purchase 75,000 shares of the Company’s common stock, under the Company’s 2015 Stock Plan to Dr. Silberman. The options had an exercise price of $1.92 per share.

On November 1, 2017, the Board of Directors approved the issuance of 10-year options, with 4-year vesting, to purchase 10,000 shares, each, of the Company’s common stock, under the Company’s 2015 Stock Plan to two potential new members of the Science Advisory Board, subject to the approval process of their respective institutions. The options had an exercise price of $1.95 per share.