Quarterly report pursuant to Section 13 or 15(d)

Note 12 - Equity

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Note 12 - Equity
9 Months Ended
Sep. 30, 2019
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
1
2
.
Equity
 
On
March 22, 2019,
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
$3.0
million in shares (the “Securities”) of Common Stock. The Private Placement was to occur in multiple tranches. The initial closing occurred on
March 22, 2019 (
the “Initial Closing”), at which the Investor purchased
$50,000
worth of the Securities at a per share price of
$2.80,
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
not
to be later than
June 15, 2019. 
No
additional shares were purchased by the Investor prior to the
June 15, 2019
expiration of the Stock Purchase Agreement.
 
On
June 18, 2019,
the Company completed an underwritten public offering of
8,000,000
Shares of Common Stock pursuant to the Underwriting Agreement at a price to the public of
$0.75
per share.  Of the
8,000,000
total Shares,
4,000,000
shares were placed with the Investor at a price of
$0.75
per share. Pursuant to the Underwriting Agreement, the Underwriter purchased the remaining
4,000,000
Shares from the Company at a price of
$0.69375
per share.  Under the terms of the Underwriting Agreement, the Company granted the Underwriter an option (the “Underwriter Option”), exercisable for
30
days, to purchase up to an additional
1,200,000
shares of Common Stock at a price per share of
$0.69375.
The Underwriter Option was
not
exercised. 
 
The Company paid the Underwriter (a) a management fee equal to
1.0%
of the gross proceeds raised in the offering, (b)
$50,000
for non-accountable expenses, (c)
$100,000
for fees and expenses of legal counsel to the Underwriter and other out-of-pocket expenses, and (d)
$10,000
for clearing expenses. After underwriting discounts, commissions, fees and expenses paid to the Underwriter, the Company received net proceeds from the offering of
$5,555,000.
  The Company intends to use the net proceeds from the offering to fund its research and development programs, including continuing to advance its Phase
2b
and Phase
3
clinical trials of
Tc99m
tilmanocept in patients with rheumatoid arthritis, and for general working capital purposes and other operating expenses.
 
During the
nine
-month period ended
September 30, 2018,
we issued
55,938
shares of Common Stock valued at
$317,000
to our employees as payment in lieu of cash for their
2017
bonuses.
 
During the
nine
-month periods ended
September 30, 2019
and
2018,
we issued
8,128
and
4,734
shares of Common Stock as matching contributions to our
401
(k) Plan which were valued at
$20,000
and
$36,000,
respectively.