Quarterly report pursuant to Section 13 or 15(d)

Underwritten and Registered Direct Placement of Common Stock

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Underwritten and Registered Direct Placement of Common Stock
6 Months Ended
Sep. 30, 2015
Underwritten and Registered Direct Placements of Common Stock  
Underwritten and Registered Direct Placements of Common Stock

 

9.  Underwritten and Registered Direct Placement of Common Stock

 

Effective May 6, 2014, the Company completed an underwritten public offering in which it sold 18.8 million shares of the Company’s common stock at a price of $1.70 per share less underwriting discounts and commissions. The shares were allocated to a single institutional investor. The net proceeds to the Company from the sale of the Common Stock, after deducting fees and other offering expenses, were approximately $29.8 million.

 

Effective August 28, 2015, the Company entered into a sales agreement with respect to an at-the-market offering program pursuant to which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock, having an aggregate offering price of up to $30.0 million. The Company will set the parameters for sales of the shares, including the number to be sold, the time period during which sales are requested to be made, any limitation on the number that may be sold in one trading day and any minimum price below which sales may not be made. As of September 30, 2015, 4.0 million shares of the Company’s common stock were sold and the net proceeds to the Company from the sale of the common stock, after deducting fees and other offering expenses, were approximately $1.2 million.