Subsequent Events |
6 Months Ended | |
|---|---|---|
Jun. 30, 2015 | ||
| Subsequent Events [Abstract] | ||
| Subsequent Events [Text Block] |
14. Subsequent Events
On July 9, 2015, the Company entered into an exclusive, worldwide licensing agreement with a subsidiary of Valeant Pharmaceuticals International, Inc. (NYSE/TSX: VRX) ("Valeant") through which EyeGate has granted Valeant exclusive, worldwide commercial and manufacturing rights to its EyeGate® II Delivery System and EGP-437 combination product ("Product") in the field of uveitis, as well as a right of last negotiation to license the Product for other indications. Under the agreement, Valeant paid us an upfront payment of $1.0 million. We are eligible to receive milestone payments totalling up to $32.5 million, upon and subject to the achievement of certain specified developmental and commercial milestones. In addition, we are eligible to receive royalties based on a specified percent of net sales of our Product throughout the world, subject to adjustment in certain circumstances. On August 5, 2015, the Company completed a public offering for 1,176,470 shares of common stock and warrants to purchase up to 1,176,470 shares of common stock. The Company received net proceeds of $8.8 million. The common stock and warrants were offered at a combined price to the public of $8.50 per share of common stock and warrant, and each warrant has a per share exercise price of $10.62. The warrants are exercisable immediately and expire five years from the date of issuance. The Company granted the representative of the underwriters a 45-day option to purchase up to 176,470 additional shares of its common stock at $8.50 per share and/or warrants to purchase up to 176,470 additional shares of common stock at the public purchase price of $0.01 per warrant. |