The board of directors (the “Board”) of the Company is authorized to issue, from time-to-time, up to shares of preferred stock in or more series.  The Board is authorized to fix the rights and designation of each series, including dividend rights and rates, conversion rights, voting rights, redemption terms and prices, liquidation preferences and the number of shares of each series.  As of   and there were issued and outstanding shares of preferred stock.

On the Company completed the Registered Direct Offering to sell shares of its common stock at a price of per share and prefunded warrants to purchase shares of its common stock at a price of per warrant, with each warrant having an exercise price of per share. The warrants were immediately exercised. The Registered Direct Offering resulted in gross proceeds of approximately million (net proceeds of approximately million after approximately million of related expenses). In the Company has had additional direct offerings. See Note Subsequent Events, for more details.

 

On the Company entered into a Controlled Equity Offering Sales Agreement (the “Sales Agreement”), with Cantor Fitzgerald & Co. (“Cantor”) pursuant to which the Company could offer and sell shares of its common stock, par value per share, having an aggregate offering price of up to from time to time through Cantor as the Company's sales agent, subject to the limitations set forth in the Sales Agreement.

 

Under the Sales Agreement, Cantor could sell the shares of common stock by any method permitted by law deemed to be an “at-the-market” offering as defined in Rule of the Securities Act of as amended, including, but not limited to, sales made directly on The NASDAQ Global Market, on any other existing trading market for the shares of common stock or to or through a market maker. Cantor agreed in the Sales Agreement to use its commercially reasonable efforts to sell the shares of common stock in accordance with the Company’s instructions (including any price, time or size limit or other customary parameters or conditions the Company impose). The Company was not obligated to make any sales of common stock under the Sales Agreement.

 

The Company paid Cantor a commission of of the aggregate gross proceeds from each sale of shares of common stock and agreed to provide Cantor with customary indemnification and contribution rights. In the quarter of there were shares of common stock sold under this program with net proceeds to the Company of approximately million. There were shares of common stock sold under this program in