Quarterly report pursuant to Section 13 or 15(d)

Registration Statement on Form S-3

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Registration Statement on Form S-3
9 Months Ended
Sep. 30, 2014
Registration Statement [Abstract]  
Registration Statement [Text Block]
NOTE 4 – Registration Statement on Form S-3
 
As previously reported, during September 2014 the Company filed a Registration Statement on Form S-3 with the Securities and Exchange Commission (SEC). If and when the Registration Statement is declared effective by the SEC, the Company will be able to offer and sell, from time to time, up to $100,000,000 of securities, including shares of the Company's common stock and preferred stock, debt securities and warrants, either individually or in units, the terms of which will be described in prospectus supplements filed with the SEC, as applicable. Concurrently with the filing of the Registration Statement, the Company entered into an At The Market Offering Agreement, or sales agreement, with Ascendiant Capital Markets, LLC (“Ascendiant”), pursuant to which the Company may offer and sell from time to time through Ascendiant, acting as sales agent and/or principal, shares of our common stock having an aggregate offering price of up to $25,000,000. We have agreed to pay Ascendiant a commission rate of 3% of the gross sales price per share of any of our shares of common stock sold through Ascendiant, as agent, under the sales agreement. The offer and sale of our shares through Ascendiant will be registered pursuant to the Registration Statement. No sales will be made under the sales agreement or the Registration Statement, generally, until the Registration Statement has been declared effective by the SEC. As of September 30, 2014 no securities have been sold under the Registration Statement.