|12 Months Ended|
Dec. 31, 2019
|Subsequent Events [Abstract]|
|Subsequent Events||Subsequent Events
In addition to the subsequent events discussed elsewhere in these notes, see below for a discussion of our subsequent events occurring after December 31, 2019.
In February 2020, the Company entered into subscription agreements with certain institutional investors for the sale by the Company of up to 7,500,000 shares of common stock and warrants to purchase 5,625,000 shares of common stock at $0.80 per share and related warrant. The warrants will be exercisable six months from the date of issuance at a price of $1.05 per
share and will expire five years from the date they are first exercisable. The shares of common stock are being offered together with the warrants, but the securities will be issued separately and will be separately transferable. Total proceeds of the offering were approximately $6.0 million, prior to deducting the placement agent fees and other estimated offering expenses.
In March 2020, the World Health Organization declared the outbreak of a novel Coronavirus (COVID-19) as a pandemic, which continues to spread throughout the United States. The spread of COVID-19 has caused significant volatility in U.S. and international markets, including Poland, where the Company conducts some of its clinical trials and Italy, where its drug supply is produced. There has been no interruption of its drug supply, and some Polish clinics where the Company is conducting trials have limited access on monitoring activities, which for now has not slowed the progress of its trials. This could change at any time. Furthermore, there is significant uncertainty around the breadth and duration of business disruptions related to COVID-19, as well as its impact on the US and international economies and, as such, the Company is unable to determine if it will have a material impact to its operations.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef