On the Company entered into a Stock Purchase Agreement with the Investor, pursuant to which the Company was to issue to the Investor in a private placement (the “Private Placement”) up to million in shares (the “Securities”) of the Company’s Common Stock. The Private Placement was to occur in multiple tranches. The initial closing occurred on the “Initial Closing”), at which the Investor purchased worth of the Securities at a per share price of which was the closing price of a share of Common Stock reported on the NYSE American market for the business day immediately before the Initial Closing Date. The remainder of the Securities were to be purchased by the Investor from time to time, on such date or dates to be determined by the Company and the Investor, which date was to be later than additional shares were purchased by the Investor prior to the expiration of the Stock Purchase Agreement.

 

On the Company completed an underwritten public offering of Shares of the Company’s Common Stock pursuant to the Underwriting Agreement at a price to the public of per share. Of the total Shares, shares were placed with the Investor at a price of per share. Pursuant to the Underwriting Agreement, the Underwriter purchased the remaining Shares from the Company at a price of per share. Under the terms of the Underwriting Agreement, the Company granted the Underwriter an option (the “Underwriter Option”), exercisable for days, to purchase up to an additional shares of Common Stock at a price per share of The Underwriter Option was exercised.

 

The Company paid the Underwriter (a) a management fee equal to of the gross proceeds raised in the offering, (b) for non-accountable expenses, (c) for fees and expenses of legal counsel to the Underwriter and other out-of-pocket expenses, and (d) for clearing expenses. After underwriting discounts, commissions, fees and expenses paid to the Underwriter, the Company received net proceeds from the offering of The Company intends to use the net proceeds from the offering to fund its research and development programs, including continuing to advance its Phase and Phase clinical trials of tilmanocept in patients with rheumatoid arthritis, and for general working capital purposes and other operating expenses.

 

During the -month period ended we issued shares of our common stock valued at to our employees as payment in lieu of cash for their bonuses.

 

During the -month periods ended and we issued and shares of our common stock as matching contributions to our (k) Plan which were valued at and respectively.