|
Delaware
(State or other jurisdiction of incorporation or organization) |
| |
2836
(Primary Standard Industrial Classification Code Number) |
| |
94-3171940
(I.R.S. Employer Identification Number) |
|
|
Fran Stoller, Esq.
Loeb & Loeb LLP 345 Park Avenue New York, New York 10154 Telephone: (212) 407-4000 Fax: (212) 407-4990 |
| |
Ivan K. Blumenthal, Esq.
Anthony J. Marsico, Esq. Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. 666 Third Avenue New York, NY 10017 Telephone: (212) 935-3000 Fax: (212) 983 3115 |
|
| Large accelerated filer ☐ | | | Accelerated filer ☐ | |
| Non-accelerated filer ☐ | | | Smaller reporting company ☒ | |
| | | | Emerging growth company ☐ | |
CALCULATION OF REGISTRATION FEE
|
| ||||||||||||
Title of Each Class of Securities to be Registered
|
| |
Proposed
Maximum Aggregate Offering Price(1) |
| |
Amount of
Registration Fee(2) |
| ||||||
Class A Units consisting of: | | | | ||||||||||
(i)
Common Stock, par value $0.001 per share(2)
|
| | | $ | 1,725,000 | | | | | $ | 214.76 | | |
(ii)
Warrants to purchase Common Stock(3)
|
| | | ||||||||||
Class B Units consisting of: | | | | ||||||||||
(i)
Series A Convertible Preferred Stock, par value $0.001 per share
|
| | | $ | 9,775,000 | | | | | $ | 1,216.99 | | |
(ii)
Warrants to purchase Common Stock(3)
|
| | | ||||||||||
(iii)
Common Stock issuable upon conversion of the Series A Convertible Preferred Stock(2)
|
| | | ||||||||||
Common Stock issuable upon the exercise of the Warrants to purchase Common Stock(2)
|
| | | $ | 14,375,000 | | | | | $ | 1,789.69 | | |
Underwriter’s Warrants to Purchase Common Stock(2)
|
| | | $ | 440,000 | | | | | $ | 54.78 | | |
Common Stock Underlying Underwriter’s Warrants(3)(4)
|
| | | | | | | | | | | | |
Total
|
| | | $ | 26,315,000 | | | | | $ | 3,276.22(5) | | |
|
| | |
Per Class A
Unit |
| |
Per Class B
Unit |
| |
Total
|
| |||||||||
Public offering
|
| | | $ | | | | | $ | | | | | $ | | | |||
Underwriting discounts and commissions(1)
|
| | | $ | | | | | | $ | | | | | | $ | | | |
Proceeds to us, before expenses
|
| | | $ | | | | | | $ | | | | | | $ | | | |
Description
|
| |
Page
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| | | | 1 | | | |
| | | | 8 | | | |
| | | | 9 | | | |
| | | | 27 | | | |
| | | | 29 | | | |
| | | | 30 | | | |
| | | | 32 | | | |
| | | | 34 | | | |
| | | | 35 | | | |
| | | | 43 | | | |
| | | | 44 | | | |
| | | | 45 | | | |
| | | | 49 | | | |
| | | | 53 | | | |
| | | | 53 | | | |
| | | | 53 | | | |
| | | | 53 | | |
| | |
Six Months Ended
June 30, |
| |
Years Ended
December 31, |
| ||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2017
|
| |
2016
|
| ||||||||||||
| | |
(Unaudited)
|
| | | | | | | | | | | | | |||||||||
Statement of Operations Data: | | ||||||||||||||||||||||||
Total revenue
|
| | | $ | 3,732 | | | | | $ | 117 | | | | | $ | 215 | | | | | $ | 15,065 | | |
Operating expenses: | | | | | | ||||||||||||||||||||
Cost of goods sold
|
| | | | 70 | | | | | | — | | | | | | — | | | | | | — | | |
Research and development
|
| | | | 3,713 | | | | | | 4,627 | | | | | | 9,648 | | | | | | 6,126 | | |
General and administrative
|
| | | | 2,995 | | | | | | 2,548 | | | | | | 5,069 | | | | | | 4,596 | | |
Other income (expense), net
|
| | | | (428) | | | | | | 602 | | | | | | 195 | | | | | | 792 | | |
Net income (loss) applicable to common stockholders
|
| | | $ | (3,474) | | | | | $ | (6,456) | | | | | $ | (14,307) | | | | | $ | 5,135 | | |
Basic net income (loss) per common share
|
| | | $ | (0.16) | | | | | $ | (0.30) | | | | | $ | (0.67) | | | | | $ | 0.25 | | |
Diluted net income (loss) per common share
|
| | | $ | (0.16) | | | | | $ | (0.33) | | | | | $ | (0.70) | | | | | $ | 0.20 | | |
Shares used in computing: | | | | | | ||||||||||||||||||||
Basic net income (loss) per common share
|
| | | | 21,204 | | | | | | 21,199 | | | | | | 21,203 | | | | | | 20,744 | | |
Diluted net income (loss) per common share
|
| | | | 21,204 | | | | | | 21,201 | | | | | | 21,228 | | | | | | 21,459 | | |
| | |
As of June 30, 2018
(Unaudited) |
| |||
Balance Sheet Data: | | | |||||
Cash and cash equivalents
|
| | | $ | 1,614 | | |
Total assets
|
| | | $ | 4,617 | | |
Total liabilities
|
| | | $ | 5,930 | | |
Total stockholders’ equity (deficit)
|
| | | $ | (1,313) | | |
| | |
As of June 30, 2018
(unaudited) |
| | |||||||||||
| | |
Actual
|
| |
As Adjusted
|
| | ||||||||
Cash and cash equivalents
|
| | | $ | 1,613,564 | | | | | $ | 10,573,564 | | | | ||
Total liabilities
|
| | | $ | 5,930,277 | | | | | $ | 5,930,277 | | | | ||
Total stockholders’ equity: | | | | | ||||||||||||
Preferred stock, $0.001 par value; 5,000,000 shares
authorized, 0 shares issued and outstanding, actual; 8,500 shares issued and outstanding, as adjusted |
| | | | — | | | | | | 9 | | | | ||
Common Stock, $0.001 par value, 125,000,000 shares authorized, 21,203,744 shares issued and outstanding, actual;
23,835,323 shares issued and outstanding, as adjusted |
| | | | 21,204 | | | | | | 23,835 | | | | ||
Additional paid in capital
|
| | | | 325,411,154 | | | | | | 334,368,514 | | | | ||
Accumulated deficit
|
| | | | (326,745,543) | | | | | | (326,745,543) | | | | ||
Total stockholders’ equity
|
| | | | (1,313,185) | | | | | | 7,646,815 | | | | | |
|
Assumed public offering price per share of common stock
|
| | | | | | | | | $ | 0.57 | | |
|
Historical net tangible book value per share as of June 30, 2018
|
| | | $ | (0.06) | | | | | | | | |
|
Increase in pro forma net tangible book value per share after this offering
|
| | | $ | 0.26 | | | | | | | | |
|
Pro forma net tangible book value per share
after giving effect to this offering |
| | | | | | | | | | 0.20 | | |
|
Dilution per share to new investors
|
| |
|
| | | $ | (0.37) | | | |||
|
| | |
High
|
| |
Low
|
| ||||||
2018 | | ||||||||||||
First Quarter
|
| | | $ | 1.45 | | | | | $ | 0.94 | | |
Second Quarter
|
| | | $ | 1.15 | | | | | $ | 0.60 | | |
Third Quarter (through September 18, 2018)
|
| | | $ | 1.10 | | | | | $ | 0.51 | | |
2017 | | ||||||||||||
First Quarter
|
| | | $ | 4.80 | | | | | $ | 3.15 | | |
Second Quarter
|
| | | $ | 3.40 | | | | | $ | 1.80 | | |
Third Quarter
|
| | | $ | 2.15 | | | | | $ | 1.20 | | |
Fourth Quarter
|
| | | $ | 2.85 | | | | | $ | 1.13 | | |
2016 | | ||||||||||||
First Quarter
|
| | | $ | 4.91 | | | | | $ | 2.98 | | |
Second Quarter
|
| | | $ | 7.41 | | | | | $ | 4.76 | | |
Third Quarter
|
| | | $ | 6.17 | | | | | $ | 4.80 | | |
Fourth Quarter
|
| | | $ | 6.10 | | | | | $ | 3.80 | | |
Name and Address of Beneficial Owner(1)
|
| |
Shares
Beneficially Owned |
| |
Percent of Shares
Beneficially Owned |
| ||||||
Joseph A. Akers(2)
|
| | | | 49,819 | | | | | | *% | | |
Sunil Bhonsle(3)
|
| | | | 849,584 | | | | | | 3.9 | | |
Rajinder Kumar(4)
|
| | | | 15,000 | | | | | | * | | |
M. David MacFarlane, Ph.D.(5)
|
| | | | 79,552 | | | | | | * | | |
James R. McNab, Jr.(6)
|
| | | | 136,819 | | | | | | * | | |
Marc Rubin, M.D.(7)
|
| | | | 826,889 | | | | | | 3.8 | | |
Federico Seghi Recli(8)
|
| | | | 2,500 | | | | | | * | | |
Scott A. Smith(9)
|
| | | | 15,000 | | | | | | * | | |
All executive officers and directors as a group (8) persons
|
| | | | 1,975,163 | | | | | | 8.7 | | |
|
Underwriters
|
| |
Number of
Class A Units |
| |
Number of
Class B Units |
|
|
Alliance Global Partners
|
| | | | | | |
|
CIM Securities, LLC
|
| | | | | | |
| | |
Per
Class B Unit |
| |
Per
Class A Unit |
| |
Total Without
Over-Allotment Option |
| |
Total With
Over-Allotment Option |
| ||||||||||||
Public offering price
|
| | | $ | | | | | | $ | | | | | | $ | | | | | | $ | | | |
Underwriting discount(1)
|
| | | $ | | | | | | $ | | | | | | $ | | | | | | $ | | | |
Proceeds, before expense, to us
|
| | | $ | | | | | $ | | | | | $ | | | | | $ | | |
|
SEC registration fee
|
| | | $ | 3,572.06 | | |
|
FINRA filing fee
|
| | | | 4,803.69 | | |
|
Accounting fees and expenses
|
| | | | 30,000.00 | | |
|
Printing fees
|
| | | | 10,000.00 | | |
|
Legal fees and expenses
|
| | | | 160,000.00 | | |
|
Underwriters’ out-of-pocket expenses
|
| | | | 120,000.00 | | |
|
Transfer agent and warrant agent fees
|
| | | | 2,500.00 | | |
|
Miscellaneous expenses
|
| | | | 9,124.25 | | |
|
Total
|
| | |
$
|
340,000.00
|
| |
|
Signature
|
| |
Title
|
| |
Date
|
| | ||
/s/ Marc Rubin, M.D
Marc Rubin, M.D.
|
| | Executive Chairman | | |
September 20, 2018
|
| | ||
/s/ Sunil Bhonsle
Sunil Bhonsle
|
| | President, Chief Executive Officer and Director (principal executive officer and principal financial officer) |
| |
September 20, 2018
|
| | | |
*
Joseph A. Akers
|
| | Director | | |
September 20, 2018
|
| | ||
*
Rajinder Kumar, Ph.D.
|
| | Director | | |
September 20, 2018
|
| | ||
*
M. David MacFarlane, Ph.D.
|
| | Director | | |
September 20, 2018
|
| | ||
*
James R. McNab, Jr.
|
| | Director | | |
September 20, 2018
|
| | ||
*
Federico Seghi Recli
|
| | Director | | |
September 20, 2018
|
| | ||
*
Scott A. Smith
|
| | Director | | |
September 20, 2018
|
| | ||
/s/ Brian E. Crowley
Brian E. Crowley
|
| | Vice President, Finance (principal accounting officer) |
| |
September 20, 2018
|
| |
|
*By:
/s/ Sunil Bhonsle
Sunil Bhonsle
Attorney-in-fact |
| | | | | | |