Quarterly report pursuant to Section 13 or 15(d)

Note 7 - Subsequent Events

v3.19.2
Note 7 - Subsequent Events
6 Months Ended
Jun. 30, 2019
Notes to Financial Statements  
Subsequent Events [Text Block]
Note
7.
Subsequent Events
 
On
July 17, 2019,
the Company effected a
1
-for-
20
reverse stock split of its common stock. Stockholders' equity and all references to share and per share amounts in the accompanying consolidated financial statements have been retroactively adjusted to reflect the
1
-for-
20
reverse stock split for all periods presented.
 
On
July 31, 2019,
we closed an underwritten public offering of
416,315
units (“Units”) and
2,361,462
prefunded units (“Prefunded Units”) at a price of
$2.70
per each unit resulting in gross proceeds of approximately
$7.5
million. Each Unit was comprised of
one
share of common stock,
one
short-term warrant and
one
long-term warrant. Each Prefunded Unit was comprised of
one
prefunded-warrant,
one
short-term warrant and
one
long-term warrant. The prefunded warrants have an exercise price of
$0.0001
per share and are exercisable at any time from issuance until all prefunded warrants are exercised. The short-term and long-term warrants have an exercise price of
$2.70
per share and are exercisable immediately. The short-term warrant expires
December 31, 2020
and the long-term warrant expires
five
-years from issuance. The net proceeds of the offering are expected to be approximately
$6.6
million, after deducting underwriting discounts and commissions and estimated offering expenses. The Company intends to use the net proceeds of the offering for the further development of our stem cell and small molecule assets, advancement of the Company's acquisition and in-licensing strategy and general corporate purposes. In addition to the above units, the Company has granted the underwriters a
45
-day option to purchase up to an additional
416,666
shares of common stock and/or additional
416,666
warrant combinations at the public offering price per share and per warrant combination, before deducting underwriting discounts and commissions. The securities were sold pursuant to a registration statement on Form S-
1
(file
no.
333
-
232273
).