Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 05, 2015 | |
Document Information [Line Items] | ||
Entity Registrant Name | NUO THERAPEUTICS, INC. | |
Entity Central Index Key | 1,091,596 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | NUOT | |
Entity Common Stock, Shares Outstanding | 125,680,100 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,015 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 4,053,733 | $ 15,946,425 |
Short-term investments, restricted | 53,427 | 53,391 |
Accounts and other receivable, net | 2,225,380 | 1,889,327 |
Inventory, net | 603,807 | 556,620 |
Prepaid expenses and other current assets | 1,582,824 | 2,338,990 |
Deferred costs, current portion | 3,819,853 | 1,091,387 |
Total current assets | 12,339,024 | 21,876,140 |
Property and equipment, net | 865,059 | 925,171 |
Intangible assets, net | 5,904,042 | 28,747,770 |
Goodwill | 0 | 1,128,517 |
Deferred costs and other assets | 43,803 | 3,547,007 |
Total assets | 19,151,928 | 56,224,605 |
Current liabilities | ||
Accounts payable | 2,509,894 | 1,877,736 |
Accrued expenses | 5,511,736 | 6,218,224 |
Deferred revenue, current portion | 584,671 | 402,377 |
Convertible debt, net of debt discount, current portion | 705,364 | 0 |
Derivative liabilities, current portion | 2,597,930 | 0 |
Total current liabilities | 11,909,595 | 8,498,337 |
Deferred revenue | 737,692 | 1,039,475 |
Convertible debt, net of debt discount | 0 | 325,553 |
Derivative liabilities | 0 | 29,846,821 |
Other liabilities | 471,995 | 546,867 |
Total liabilities | $ 13,119,282 | $ 40,257,053 |
Commitments and contingencies (See Note 9) | ||
Conditionally redeemable common stock (909,091 issued and outstanding) | $ 500,000 | $ 500,000 |
Stockholders' equity | ||
Common stock; $.0001 par value, authorized 425,000,000 shares;2015 issued and outstanding - 125,680,100 shares;2014 issued and outstanding - 125,680,100 shares | 12,477 | 12,477 |
Common stock issuable | 392,950 | 392,950 |
Additional paid-in capital | 125,831,291 | 125,173,973 |
Accumulated deficit | (120,704,072) | (110,111,848) |
Total stockholders' equity | 5,532,646 | 15,467,552 |
Total liabilities and stockholders' equity | $ 19,151,928 | $ 56,224,605 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Temporary equity, shares issued | 909,091 | 909,091 |
Temporary equity, shares outstanding | 909,091 | 909,091 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, authorized | 425,000,000 | 425,000,000 |
Common stock, issued | 125,680,100 | 125,680,100 |
Common stock, outstanding | 125,680,100 | 125,680,100 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenue | ||||
Product sales | $ 1,633,464 | $ 1,200,719 | $ 5,272,073 | $ 4,474,970 |
License fees | 100,594 | 100,594 | 3,301,783 | 301,783 |
Royalties | 435,146 | 390,714 | 1,327,706 | 1,087,307 |
Total revenue | 2,169,204 | 1,692,027 | 9,901,562 | 5,864,060 |
Costs of revenue | ||||
Costs of sales | 1,557,420 | 1,290,449 | 5,176,715 | 4,552,317 |
Costs of license fees | 0 | 0 | 1,500,000 | 0 |
Costs of royalties | 42,653 | 43,853 | 130,492 | 132,543 |
Total costs of revenue | 1,600,073 | 1,334,302 | 6,807,207 | 4,684,860 |
Gross profit | 569,131 | 357,725 | 3,094,355 | 1,179,200 |
Operating expenses | ||||
Sales and marketing | 1,582,682 | 1,236,276 | 5,187,911 | 3,913,362 |
Research and development | 515,163 | 1,007,969 | 1,847,497 | 3,755,056 |
General and administrative | 1,989,212 | 2,610,748 | 7,384,659 | 7,796,871 |
Impairment of intangible assets and goodwill | 23,740,963 | 0 | 23,740,963 | 4,683,829 |
Total operating expenses | 27,828,020 | 4,854,993 | 38,161,030 | 20,149,118 |
Loss from operations | (27,258,889) | (4,497,268) | (35,066,675) | (18,969,918) |
Other income (expense) | ||||
Interest, net | (967,013) | (818,493) | (2,746,588) | (2,587,366) |
Change in fair value of derivative liabilities | 14,399,884 | 542,868 | 27,248,891 | (158,631) |
Other | 1,952 | (8,045) | (13,164) | (9,284) |
Total other income (expenses) | 13,434,823 | (283,670) | 24,489,139 | (2,755,281) |
Loss before provision for income taxes | (13,824,066) | (4,780,938) | (10,577,536) | (21,725,199) |
Provision for income taxes | 4,921 | 4,645 | 14,688 | 13,935 |
Net loss | $ (13,828,987) | $ (4,785,583) | $ (10,592,224) | $ (21,739,134) |
Basic and diluted earnings (loss) per share - Basic and diluted (in dollars per share) | $ (0.11) | $ (0.04) | $ (0.08) | $ (0.18) |
Weighted average shares outstanding - Basic and diluted (in shares) | 125,951,100 | 123,968,305 | 125,951,100 | 118,990,010 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (10,592,224) | $ (21,739,134) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Bad debt expense | 37,642 | 57,633 |
Increase in allowance for inventory obsolescence | 13,240 | 0 |
Depreciation and amortization | 532,714 | 481,114 |
Stock-based compensation | 657,318 | 939,478 |
Change in fair value of derivative liabilities | (27,248,891) | 158,631 |
Non-cash interest expense | 1,198,352 | 1,355,782 |
Deferred income tax provision | 14,688 | 13,935 |
Loss (Gain) on disposal of assets | 0 | 131,575 |
Loss on abandonment of lease | 0 | 242,466 |
Impairment of intangible assets and goodwill | 23,740,963 | 4,683,829 |
Change in operating assets and liabilities: | ||
Accounts and other receivable | (373,695) | 2,083,906 |
Inventory | (60,427) | 566,766 |
Prepaid expenses and other current assets | 756,130 | (958,489) |
Other assets | (43,803) | 0 |
Accounts payable | 632,158 | (1,678,442) |
Accrued expenses | (706,488) | 106,096 |
Deferred revenue | (119,489) | (640,509) |
Other liabilities | (89,560) | 588,268 |
Net cash used in operating activities | (11,651,372) | (13,607,095) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Property and equipment acquisitions | (270,817) | (209,462) |
Proceeds from sale of equipment | 29,497 | 133,767 |
Net cash used in investing activities | (241,320) | (75,695) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of debt, net | 0 | 32,967,060 |
Proceeds from issuance of common stock, net | 0 | 3,666,260 |
Repayment of note payable | 0 | (6,201,143) |
Net cash provided by financing activities | 0 | 30,432,177 |
Net increase (decrease) in cash | (11,892,692) | 16,749,387 |
Cash, beginning of period | 15,946,425 | 3,286,713 |
Cash, end of period | $ 4,053,733 | $ 20,036,100 |
Business and Summary of Signifi
Business and Summary of Significant Accounting Principles | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations [Text Block] | Note 1 Business and Summary of Significant Accounting Principles Nuo Therapeutics, Inc. (“Nuo Therapeutics,” the “Company,” “we,” “us,” or “our”) is a biomedical company marketing products within the U.S. and internationally. We commercialize innovative cell-based technologies that harness the regenerative capacity of the human body to trigger natural healing. The use of autologous (from self) biological therapies for tissue repair and regeneration is part of a transformative clinical strategy designed to improve long term recovery in complex chronic conditions with significant unmet medical needs. Growth drivers in the U.S. include the treatment of chronic wounds with Aurix in the Veterans Affairs healthcare system and the Medicare population under a National Coverage Determination when registry data is collected under CMS’ Coverage with Evidence Development (CED) program, and a worldwide distribution and licensing agreement that allows our partner to promote the Angel® system for uses other than wound care Our current commercial offerings consist of point of care technologies for the safe and efficient separation of autologous blood and bone marrow to produce platelet based therapies or cell concentrates. We currently have two distinct platelet rich plasma (“PRP”) devices, the Aurix System for wound care and the Angel® concentrated Platelet Rich Plasma (“cPRP”) System for orthopedics markets. During the first nine months of 2015 84 ( Note 10 - Subsequent Events Since our inception, we have financed our operations by raising debt, issuing equity and equity-linked instruments, executing licensing arrangements, and to a lesser extent by generating royalties and product revenues. We have incurred, and continue to incur, recurring losses and negative cash flows. At September 30, 2015 we had total debt outstanding of $37.6 million, including accrued interest. Pursuant to the terms of the Deerfield Facility Agreement (“Deerfield Facility Agreement”) with Deerfield Management Company, L.P. (“Deerfield”), we are required to maintain a compensating cash balance of $5,000,000 in deposit accounts subject to control agreements in favor of the lenders. As of September 30, 2015, we were not in compliance with this covenant, resulting in a technical event of default under the Deerfield Facility Agreement. In addition, the terms of the Deerfield Facility Agreement required us to pay Deerfield the accrued interest amount of approximately $ 2.6 provisions that could lead to the declaration by Deerfield of a ( Note 5 Debt and Derivative Liabilities and Note 10 - Subsequent Events We had cash and cash equivalents on hand at September 30, 2015 of approximately $ 4.1 Note 10 - Subsequent Events Capital Fund, LLC (“Lincoln Park”), Note 5 Debt and Derivative Liabilities and Note 10 - Subsequent Events The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). In our opinion, the accompanying unaudited interim condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, which are necessary to present fairly our financial position, results of operations and cash flows. The condensed consolidated balance sheet at December 31, 2014, has been derived from audited financial statements of that date. The interim condensed consolidated results of operations are not necessarily indicative of the results that may occur for the full fiscal year. Certain information and footnote disclosure normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to instructions, rules and regulations prescribed by the United States Securities and Exchange Commission, or the SEC. We believe that the disclosures provided herein are adequate to make the information presented not misleading when these unaudited interim condensed consolidated financial statements are read in conjunction with the audited financial statements and notes previously distributed in our annual report on Form 10-K for the year ended December 31, 2014. Certain prior period information has been reclassified to conform to the current period presentation. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned and controlled subsidiary. All significant inter-company accounts and transactions are eliminated in consolidation. The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. In the accompanying unaudited condensed consolidated financial statements, estimates are used for, but not limited to, stock-based compensation, allowance for inventory obsolescence, allowance for doubtful accounts, valuation of derivative liabilities and contingent consideration, contingent liabilities, fair value and depreciable lives of long-lived assets (including property and equipment, intangible assets and goodwill), deferred taxes and valuation allowance. Actual results could differ from those estimates. We consider all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. Approximately $ 3.5 15.5 Pursuant to the terms of the Deerfield Facility Agreement (See Note 5 - Debt and Derivative Liabilities 5,000,000 ( Note 5 Debt and Derivative Liabilities and Note 10 - Subsequent Events Our accounts receivables balance at September 30, 2015 was primarily from Arthrex ( 49 92 Note 10 Subsequent Events We use single suppliers for several components of the Angel and Aurix product lines. We outsource the manufacturing of various products, including component parts for Angel, to contract manufacturers. While we believe these manufacturers demonstrate competency, reliability and stability, there is no assurance that one or more of them will not experience an interruption or inability to provide us with the products needed to satisfy customer demand. Additionally, while most of the components of Aurix are generally readily available on the open market, a reagent, bovine thrombin, is available exclusively through Pfizer, with whom we have an established vendor relationship. We generate accounts receivables from the sale of our products and we provide for an allowance against receivables for estimated losses that may result from a customer’s inability or unwillingness to pay. The allowance for doubtful accounts is estimated primarily based upon historical write-off percentages, known problem accounts, and current economic conditions. Accounts are written off against the allowance for doubtful accounts when we determine that amounts are not collectable. Recoveries of previously written-off accounts are recorded when collected. At September 30, 2015 and December 31, 2014, we maintained an allowance for doubtful accounts of approximately $ 70,000 32,000 Our inventory is produced by third party manufacturers and consists primarily of finished goods. Inventory cost is determined on a first-in, first-out basis and is stated at the lower of cost or net realizable value. We maintain an inventory of kits, reagents, and other disposables that have shelf-lives that generally range from 18 months five years We provide for an allowance against inventory for estimated losses that may result in excess and obsolete inventory (i.e. from the expiration of products). Our allowance for expired inventory is estimated based upon the inventory’s remaining shelf-life and our anticipated ability to sell such inventory, which is estimated using historical usage and future forecasts, within its remaining shelf life. At September 30, 2015 and December 31, 2014, the Company maintained an allowance for expired and excess and obsolete inventory of approximately $ 67,000 90,00 0 , Property and equipment is stated at cost less accumulated depreciation and is depreciated, using the straight-line method, over its estimated useful life ranging from two to five years for all assets except for furniture, lab and manufacturing equipment which is depreciated over seven and ten years, respectively. Leasehold improvements are stated at cost less accumulated depreciation and is amortized, using the straight-line method, over the lesser of the expected lease term or its estimated useful life ranging from three to six years; amortization of leasehold improvements is included in depreciation expense. Maintenance and repairs are charged to operations as incurred. When assets are disposed of, the cost and related accumulated depreciation are removed from the accounts and any gain or loss is included in other income (expense). Centrifuges may be sold, leased, or placed at no charge with customers. Depreciation expense for centrifuges that are available for sale, leased, or placed at no charge with customers are charged to costs of product sales. Depreciation expense for centrifuges used for other purposes are charged to their associated operating expenses. Property and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. Recoverability measurement and estimating of undiscounted cash flows is done at the lowest possible level for which we can identify assets. If such assets are considered to be impaired, impairment is recognized as the amount by which the carrying amount of assets exceeds the fair value of the assets. Intangible assets were acquired as part of our acquisitions of the Angel business and Aldagen, and consist of definite-lived and indefinite-lived intangible assets, including goodwill. Definite-lived intangible assets Our definite-lived intangible assets include trademarks, technology (including patents) and customer relationships, and are amortized over their useful lives and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If any indicators were present, we test for recoverability by comparing the carrying amount of the asset to the net undiscounted cash flows expected to be generated from the asset. If those net undiscounted cash flows do not exceed the carrying amount (i. e., the asset is not recoverable), we would perform the next step, which is to determine the fair value of the asset and record an impairment loss, if any. We periodically reevaluate the useful lives for these intangible assets to determine whether events and circumstances warrant a revision in their remaining useful lives. We determined that of our definite-lived intangible assets were not impaired as of September 30, 2015. During the three month period ended June 30, 2014 we recognized a non-cash impairment charge related to our trademarks of approximately $ 1.0 Note 4 Goodwill and Intangible Assets Indefinite-lived intangible assets We evaluate our indefinite-lived intangible asset, consisting solely of in-process research and development (“IPR&D”) acquired in the Aldagen acquisition, for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable, and at least on an annual basis on October 1 of each year, by comparing the fair value of the asset with its carrying amount. If the carrying amount of the intangible asset exceeds its fair value, we would recognize an impairment loss in the amount of that excess. We determined that our IPR&D asset was impaired as of September 30, 2015 and recognized a non-cash IPR&D impairment charge of approximately $ 22.6 3.7 See Note 4 Goodwill and Intangible Assets Goodwill Goodwill represents the purchase price of acquisitions in excess of the amounts assigned to acquired tangible or intangible assets and assumed liabilities. Goodwill is tax deductible in all relevant jurisdictions. As a result of our acquisition of Aldagen in February 2012, we recorded goodwill of approximately $ 422,000 707,000 Before employing detailed impairment testing methodologies, we first evaluate the likelihood of impairment by considering qualitative factors relevant to our reporting unit. When performing the qualitative assessment, we evaluate events and circumstances that would affect the significant inputs used to determine the fair value of the goodwill. Events and circumstances evaluated include: macroeconomic conditions that could affect us, industry and market considerations for the generic pharmaceutical industry that could affect us, cost factors that could affect our performance, our financial performance (including share price), and consideration of any company-specific events that could negatively affect us, our business, or the fair value of our business. If we determine that it is more likely than not that goodwill is impaired, we will then apply detailed testing methodologies. Otherwise, we will conclude that no impairment has occurred. Detailed impairment testing involves comparing the fair value of our one reporting unit to its carrying value, including goodwill. If the fair value exceeds carrying value, then it is concluded that no goodwill impairment has occurred. If the carrying value of the reporting unit exceeds its fair value, a second step is required to measure possible goodwill impairment loss. The second step includes hypothetically valuing the tangible and intangible assets and liabilities of our one reporting unit as if it had been acquired in a business combination. The implied fair value of our one reporting unit's goodwill then is compared to the carrying value of that goodwill. If the carrying value of our one reporting unit's goodwill exceeds the implied fair value of the goodwill, we recognize an impairment loss in an amount equal to the excess, not to exceed the carrying value. We determined that goodwill was impaired as of September 30, 2015 and recognized a non-cash goodwill impairment charge of approximately $ 1.1 Note 4 Goodwill and Intangible Assets On August 11, 2015, our Board of Directors approved our realignment plan (the "Realignment Plan") with the goal of preserving and maximizing, for the benefit of our stockholders, the value of our existing assets. The plan eliminated approximately 30% of our workforce and was aimed at the preservation of cash and cash equivalents to finance our future operations and support our revised business objectives. We intend to maintain sufficient resources and personnel so that we can seek partners, co-developers or acquirers for our regenerative therapies and continue to execute under our existing agreements with our customers. In connection, with the Realignment Plan, Martin P. Rosendale, stepped down as Chief Executive officer effective August 14, 2015, and continues to serve us as a consultant on an as needed basis. Effective August 15, 2015, Dean Tozer was appointed as our President and Chief Executive Officer. Immediately prior to such appointment, Mr. Tozer served as our Chief Commercial Officer. We recognized severance costs to executives and non-executives in connection with the Realignment Plan of approximately $ 0.80 In May 2014, we announced preliminary efficacy and safety results of our RECOVER-Stroke Phase 2 clinical trial in patients with neurological damage arising from ischemic stroke and treated with ALD-401. Observed improvements in the primary endpoint (mean modified Rankin Score or mRS) of the trial were not clinically or statistically significant. In light of this outcome, we discontinued further funding of the ALD-401 development program, decided to close our facilities in Durham, NC, and terminated certain employees, and recognized approximately $ 400,000 695,000 335,000 The Maryland Venture Fund (“MVF,” part of Maryland Department of Business and Economic Development) has an investment in our common stock, and can require us to repurchase the common stock, at MVF’s option, upon certain events outside of our control. MVF’s common stock is classified as contingently redeemable common shares in the accompanying unaudited condensed consolidated balance sheets. We recognize revenue when the four basic criteria for recognition are met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services rendered; (3) consideration is fixed or determinable; and (4) collectability is reasonably assured. Sales of products We provide for the sale of our products, including disposable processing sets and supplies to customers. Revenue from the sale of products is recognized upon shipment of products to the customers. We do not maintain a reserve for returned products as in the past those returns have not been material and are not expected to be material in the future. Usage or leasing of blood separation equipment As a result of the acquisition of the Angel business, we acquired various multiple element revenue arrangements that combined the (i) usage or leasing of blood separation processing equipment, (ii) maintenance of processing equipment, and (iii) purchase of disposable processing sets and supplies. We assigned these multiple element revenue arrangements to Arthrex in 2013 and no longer recognize revenue under these arrangements. Percentage-based fees on licensee sales of covered products, including those sold by Arthrex, are generally recorded as products are sold by licensees and are reflected as royalties in the condensed consolidated statements of operations. Direct costs associated with product sales and royalty revenues are recorded at the time that revenue is recognized. Deferred revenue at September 30, 2015 consists of prepaid licensing revenue of approximately $ 1,140,000 182,000 302,000 2.3 License Fees The Company’s license agreement with Rohto (See Note 2 Distribution and License Arrangements 3.0 We operate in one business segment. Approximately 13 16 50 30 Research and development costs are expensed as incurred; advance payments are deferred and expensed as performance occurs. Research and development costs include salaries and wages and related benefits, including stock-based compensation expense, clinical trials, CED costs, related material and supplies, contract services and other outside services. The Company awards stock options, restricted stock or other equity instruments to employees, directors, consultants, and other service providers under its 2002 Long-Term Incentive Plan or 2013 Equity Incentive Plan (collectively, the “Plans”). The Company also issues stock purchase warrants to service providers outside of the Plans. Stock-based compensation cost for employee and non-employee director stock options is determined at the grant date using an option pricing model and stock-based compensation cost for restricted stock is based on the closing market price of the stock at the grant date. The value of the award that is ultimately expected to vest is recognized as expense on a straight-line basis over the employee's requisite service period. Stock-based compensation for awards granted to non-employees is periodically remeasured as the underlying equity awards vest. We recognize an expense for such awards throughout the performance period as the services are provided by the non-employees, based on the fair value of these options and warrants at each reporting period. We recognize the estimated fair value of stock-based awards and classify the expense where the underlying salaries or other related costs are classified. Valuation of stock awards requires management to make assumptions and to apply judgment to determine the fair value of the awards. The fair value of equity-based compensation awards is estimated on the accounting grant date using the Black-Scholes-Merton option-pricing formula. For stock options, expected volatilities are based on historical volatility of the Company’s stock. Company data was used to estimate option exercises and employee terminations within the valuation model for the nine month period ending September 30, 2015 and the year ended December 31, 2014. Expected years until exercise represents the period of time that options are expected to be outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The Company estimated that the dividend rate on its common stock will be zero. We account for income taxes using the asset and liability approach, which requires the recognition of future tax benefits or liabilities on the temporary differences between the financial reporting and tax bases of our assets and liabilities. A valuation allowance is established when necessary to reduce deferred tax assets to the amounts expected to be realized. We also recognize a tax benefit from uncertain tax positions only if it is “more likely than not” that the position is sustainable based on its technical merits. Our policy is to recognize interest and penalties on uncertain tax positions as a component of income tax expense. Income tax expense was $ 4,921 4,645 14,688 13,935 Basic earnings (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of shares of common stock outstanding during the period. For periods of net income, and when the effects are not anti-dilutive, diluted earnings per share is computed by dividing net income available to common shareholders by the weighted-average number of shares outstanding plus the impact of all potential dilutive common shares, consisting primarily of common stock options and stock purchase warrants using the treasury stock method, and convertible debt using the if-converted method. The total number of anti-dilutive shares, common stock options, warrants exercisable for common stock, and convertible debt, which have been excluded from the computation of diluted earnings (loss) per share, was 201,168,564 224,287,304 For periods of net loss, diluted loss per share is calculated similarly to basic loss per share because the impact of all dilutive potential common shares is anti-dilutive. In May 2014, the FASB issued guidance for revenue recognition for contracts, superseding the previous revenue recognition requirements, along with most existing industry-specific guidance. The guidance requires an entity to review contracts in five steps: 1) identify the contract, 2) identify performance obligations, 3) determine the transaction price, 4) allocate the transaction price, and 5) recognize revenue. The new standard will result in enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue arising from contracts with customers. The FASB approved a one-year deferral in July 2015, making the standard effective for reporting periods beginning after December 15, 2017, with early adoption permitted only for reporting periods beginning after December 15, 2016. We are currently evaluating the impact, if any, that this new accounting pronouncement will have on our financial statements. In August 2014, the FASB issued guidance for the disclosure of uncertainties about an entity’s ability to continue as a going concern. Under U.S. GAAP, continuation of a reporting entity as a going concern is presumed as the basis for preparing financial statements unless and until the entity’s liquidation becomes imminent. Preparation of financial statements under this presumption is commonly referred to as the going concern basis of accounting. Previously, there was no guidance in U.S. GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related footnote disclosures. This was issued to provide guidance in U.S. GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. In doing so, the amendments should reduce diversity in the timing and content of footnote disclosures. The amendments in this update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. We are currently evaluating the impact, if any, that the adoption will have on our consolidated financial statements. In April 2015, the FASB issued guidance as to whether a cloud computing arrangement (e.g., software as a service, platform as a service, infrastructure as a service, and other similar hosting arrangements) includes a software license and, based on that determination, how to account for such arrangements. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The amendment is effective for reporting periods beginning after December 15, 2015 and may be applied on either a prospective or retrospective basis. Early adoption is permitted. We do not expect the adoption of this new accounting pronouncement to have a material impact on our financial statements. In April 2015, the FASB issued guidance to simplify the balance sheet disclosure for debt issuance costs. Under the guidance, debt issuance costs related to a recognized debt liability will be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, in the same manner as debt discounts, rather than as an asset. The standard is effective for reporting periods beginning after December 15, 2015 and early adoption is permitted. We intend to adopt this requirement in 2016, and currently anticipate that the impact of adoption will solely be a reclassification of our deferred financing costs from asset classification to contra-liability classification. In July 2015, the FASB issued guidance for the accounting for inventory. The main provisions are that an entity should measure inventory within the scope of this update at the lower of cost and net realizable value, except when inventory is measured using LIFO or the retail inventory method. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. In addition, the Board has amended some of the other guidance in Topic 330 to more clearly articulate the requirements for the measurement and disclosure of inventory. The amendments in this update for public business entities are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The amendments in this update should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. We are currently evaluating the impact, if any, that the adoption will have on our financial statements. In September 2015, the FASB issued accounting guidance to simplify the accounting for measurement period adjustments resulting from business combinations. Under the guidance, an acquirer will be required to recognize adjustments to provisional amounts identified during the measurement period in the reporting period in which the adjustments are determined. The guidance requires an entity to present separately on the face of the income statement or disclose in the notes to the financial statements the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment had been recognized as of the acquisition date. The standard is effective for reporting periods beginning after December 15, 2015. The amendments in this pronouncement should be applied prospectively, with earlier application permitted. The Company is currently evaluating the impact, if any, that this new accounting pronouncement will have on its financial statements. We have evaluated all other issued and unadopted Accounting Standards Updates and believe the adoption of these standards will not have a material impact on our results of operations, financial position, or cash flows. |
Distribution and Licensing Arra
Distribution and Licensing Arrangements | 9 Months Ended |
Sep. 30, 2015 | |
Distributors And License Agreement [Abstract] | |
Arthrex Distributor and License Agreement [Text Block] | Note 2 Distribution and Licensing Arrangements Distribution and License Agreement with Arthrex In 2013, we entered into a Distributor and License Agreement (the “Original Arthrex Agreement”) with Arthrex. The term of the Original Arthrex Agreement was originally for five years, automatically renewable for an additional three-year period unless Arthrex gives the Company a termination notice at least one year in advance of the end of the initial five-year period. Under the terms of the Original Arthrex Agreement, Arthrex obtained the exclusive rights to sell, distribute, and service the Company’s Angel concentrated Platelet System and activAT (“Products”), throughout the world, for all uses other than chronic wound care. In connection with execution of the Original Arthrex Agreement, Arthrex paid the Company a nonrefundable upfront payment of $5.0 million. In addition, under the terms of the Original Arthrex Agreement, Arthrex paid royalties to the Company based upon volume of the Products sold. Arthrex’s rights to sell, distribute and service the Products were not exclusive in the non-surgical dermal and non-surgical aesthetics markets. On October 16, 2015, the Company entered into an Amended and Restated License Agreement (the "Amended Arthrex Agreement") with Arthrex, which amended and restated the Original Arthrex Agreement Under the terms of the Amended Arthrex Agreement, among others, the Company licensed certain exclusive and non-exclusive rights to Arthrex, for which it will receive certain royalties through 2021, and on a date to be determined by Arthrex, but not later than March 31, 2016, Arthrex will assume all rights related to the manufacture and supply of the Angel product line. As part of the transaction, the Company transferred to Arthrex all of its rights and title to product registration rights and intellectual property (other than patents) related to Angel. In connection with the Agreement, senior lien holders Deerfield Special Situations Fund, L.P., Deerfield Private Design Fund II, L.P., Deerfield Private Design International II, L.P. irrevocably released their liens on the product registration rights and intellectual property (other than patents) assets transferred by the Company to Arthrex Note 10 Subsequent Events During 2015 and 2014, we devoted substantial resources to improving our Angel product to satisfy new regulatory requirements. In 2014, we recognized a charge to earnings of $ 0.6 0.5 Distribution and License Agreement with Rohto In September 2009, we entered into a license and distribution agreement with Millennia Holdings, Inc. (“Millennia”) for the Company’s Aurix System in Japan. Since then, Millennia has been collecting and publishing clinical data for regulatory purposes and expanding the utilization of Aurix throughout their network. The diabetic population in Japan is estimated to be approximately seven million adults. Millennia has assisted the Company in securing a partner to address widespread distribution in Japan. In January 2015 we granted to Rohto Pharmaceutical Co., Ltd. (“Rohto”) a royalty bearing, nontransferable, exclusive license, with limited right to sublicense, to use certain of the Company’s intellectual property for the development, import, use, manufacturing, marketing, sale and distribution for all wound care and topical dermatology applications of the Aurix system and related intellectual property and know-how in human and veterinary medicine in Japan in exchange for an upfront payment from Rohto of $ 3.0 1.5 |
Receivables
Receivables | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 3 Receivables September 30, December 31, 2015 2014 Trade receivables $ 807,890 $ 609,179 Other receivables 1,487,601 1,312,617 2,295,491 1,921,796 Less allowance for doubtful accounts (70,111) (32,469) $ 2,225,380 $ 1,889,327 Other receivables consist primarily of royalties due from Arthrex and the cost of raw materials needed to manufacture the Angel products that are sourced by the Company and immediately resold, at cost, to the contract manufacturer. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 4 Goodwill and Other Intangible Assets Prior to the September 30, 2015 impairment charge our was the result 422,000 707,000 In assessing any impairment of our goodwill, we compared the carrying value (net equity) of our single reporting unit to its fair value; we determined that the fair value of our single reporting unit was our market capitalization as of September 30, 2015. Because the carrying value of our single reporting unit exceeded its fair value, we determined that our goodwill was impaired. In determining the amount that our goodwill was impaired, we assessed how our net tangible assets, goodwill and other intangible assets would be valued in a hypothetical sale of the Company. After allocating the total fair value of our reporting unit to the estimated fair value of our net tangible assets, we concluded that our intangible assets were impaired. We allocated remaining fair value first to our definite-lived intangible assets and second to our indefinite-lived intangible asset, with any remaining fair value allocated to goodwill. As a result of this fair value allocation process, during the three month period ended September 30, 2015, we recognized a non-cash impairment charge for IPR&D of $ 22.6 1.1 September 30, December 31, 2015 2014 Trademarks $ 1,047,000 $ 1,047,000 Technology 2,355,000 2,355,000 Customer relationships 708,000 708,000 In-process research and development 3,313,554 25,926,000 Total $ 7,423,554 $ 30,036,000 Less accumulated amortization (1,519,512) (1,288,230) $ 5,904,042 $ 28,747,770 Amortization expense associated with our definite-lived intangible assets of approximately $ 118,000 113,000 80,000 118,000 143,000 We continue to conduct (i) a Phase 1/2 clinical trial in critical limb ischemia (PACE) that is being funded by the National Institutes of Health, and (ii) a Phase 1 clinical trial in grade IV malignant glioma following surgery that is funded by Duke University, both using the intellectual property and know-how encompassed by the IPR&D and trademarks. We have no current plans to change our approach with respect to these programs. |
Debt and Derivative Liabilities
Debt and Derivative Liabilities | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Note 5 Debt and Derivative Liabilities Outstanding Debt as of September 30, 2015 In 2014, we entered into the Deerfield Facility Agreement, a $ 35 At September 30, 2015 and November 12, 2015, we had total debt outstanding under the Deerfield Facility Agreement of $ 37.6 38.3 2,593,374 3,290,910 5.0 4.1 2.6 Deerfield Facility Agreement to eliminate the provisions that could lead to the declaration by Deerfield of a of the occurrence of events of The Deerfield Facility Agreement is structured as a purchase of senior secured convertible notes (the “Notes”), which bear interest at a rate of 5.75 Note 10 - Subsequent Events March 31, 2019 Deerfield has the right to convert the principal amount of the Notes into shares of our common stock (“Conversion Shares”) at a per share price equal to $ 0.52 33.33 35 10 Under the terms of the facility, we also issued stock purchase warrants to purchase up to 97,614,999 0.52 We entered into a security agreement which provides, among other things, that our obligations under the Notes will be secured by a first priority security interest, subject to customary permitted liens, on all our assets. We also entered into a Registration Rights Agreement pursuant to which we filed a registration statement to register the resale of the Conversion Shares and the shares underlying the stock purchase warrants. As a result of certain non-standard anti-dilution provisions and cash settlement features, we classify the detachable stock purchase warrants and the conversion option embedded in the Notes as derivative liabilities. The derivative liabilities were recorded initially at their estimated fair value and as a result, we recognized a total debt discount on the convertible notes of $ 34.8 2,709,677 1.1 Debt Repaid, Retired or otherwise Extinguished in 2014 JP Nevada Trust 12% Note In April 2011, we borrowed $ 2.1 May 20, 2016 12 1,000,000 0.50 1.4 1,500,000 0.50 546,000 On March 31, 2014 in connection with the Deerfield Notes, JP Nevada Trust agreed to subordinate its security interest in the note. In consideration, we issued to the holder a five-year warrant to purchase 750,000 0.52 14,000 2.1 298,000 JMJ 4% Convertible Notes In July 2011, we issued $ 1.3 The July 4% Convertible Notes were scheduled to mature on May 23, 2016 and included a one-time interest charge of 4% due on maturity. The July 4% Convertible Notes (plus accrued interest) converted at the option of the holder, in whole or in part and from time to time, into shares of our common stock at a conversion rate equal to (i) the lesser of $0.80 per share or (ii) 80% of the average of the three lowest closing prices of our common stock for the previous 20 trading days prior to conversion (subject to a “floor” price of $0.25 per share). 347,000 0.41 Mid-Cap Financial Term Loan In February 2013, we entered into a Credit and Security Agreement (the “Credit Agreement”) with Mid-Cap Financial (“MidCap”) that provided for aggregate term loan commitments of $ 7.5 4.5 330,000 381,000 142,000 In connection with term loan, we issued the lender a seven-year warrant to purchase 1,079,137 0.70 568,000 December 2013 Convertible Bridge Note In November 2013, we executed agreements with certain investors for the subsequent issuance of 10 3 2.25 0.75 On March 31, 2014 the holders of the December 2013 convertible bridge notes (except for one holder), agreed to convert their outstanding notes pursuant to its terms, converting into 5,981,859 339,000 The conversion option embedded in the 10% Subordinated Convertible Notes and related warrants issued to the investors was accounted for as a derivative liability and was recorded at its fair value of $ 2.25 In connection with the issuance of the Notes, we also agreed to issue to the investors in the offering five-year warrants to purchase shares of our common stock in the amount equal to 75 125 69,000 |
Equity and Stock-Based Compensa
Equity and Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders Equity Note Disclosure [Text Block] | Note 6 Equity and Stock-Based Compensation Common Stock Our common stock has a par value of $. 0001 215,000,000 440,000,000 200,000,000 425,000,000 2014 Private Placement In March 2014 we raised $ 2.0 3,846,154 0.52 2,884,615 0.52 1.1 136,000 2014 Issuance to Deerfield In June 2014, we issued 2,709,677 1.1 2014 Issuance to former Aldagen Shareholders In November 2014, we amended and settled our contingent consideration obligations from our 2012 acquisition of Aldagen by issuing 1,270,000 2014 and 2013 Issuances to Lincoln Park In February 2013, we entered into a purchase agreement and a registration rights agreement with Lincoln Park. Under the terms and subject to the conditions of the agreements, the Company has the right to sell to and Lincoln Park is obligated to purchase up to $ 15 150,000 200,000 1.00 0.45 9.99 No shares were issued to Lincoln Park during the nine month period ended September 30, 2015. We raised approximately $ 1.8 5,250,000 2.4 4,750,000 12.6 375,000 375,000 59,126 Maryland Venture Fund Shares In connection with a 2013 offering, the Company and the MVF executed an agreement which requires the Company to repurchase MVF’s investment, at MVF’s option, upon certain events outside of the Company’s control. The common stock issued to MVF in this offering is classified as “contingently redeemable common shares” in the accompanying condensed consolidated balance sheets. Stock Purchase Warrants Warrants Outstanding Exercise Expiration Classification 100,000 $ 0.37 October-15 Equity 1,488,839 $ 0.60 April-16 Equity 916,665 $ 0.50 April-16 Equity 20,000 $ 0.40 June-16 Equity 136,364 $ 0.66 February-18 Equity 6,363,638 $ 0.75 February-18 Equity 5,047,461 $ 0.65 December-18 Equity 232,964 $ 0.65 December-18 Equity 2,884,615 $ 0.52 March-19 Liability 1,474,615 $ 0.52 March-19 Liability 3,525,000 $ 0.52 June-19 Liability 1,079,137 $ 0.70 February-20 Equity 250,000 $ 0.70 February-20 Equity 25,115,384 $ 0.52 March-21 Liability 67,500,000 $ 0.52 June-21 Liability 116,134,682 Certain of the above warrants were issued to consultants in exchange for services provided (see “stock-based compensation” below). Stock -Based Compensation The Company’s 2002 Long Term Incentive Plan (“LTIP”) and 2013 Equity Incentive Plan (“EIP” and, together with the LTIP, the “Plans”) permit the awards of stock options, stock appreciation rights, restricted stock, phantom stock, performance units, dividend equivalents and other stock-based awards to employees, directors and consultants. We are authorized to issue up to 10,500,000 18,000,000 15,229,267 To date, the Company has only issued stock options under the Plans. Stock option terms are determined by the Board of Directors for each option grant, and generally vest immediately upon grant or over a period of time ranging up to four years, are exercisable in whole or installments, and expire no longer than ten years from the date of grant. Weighted- Weighted- Average Average Remaining Aggregate Exercise Contractual Intrinsic Stock Options Shares Price Term Value Outstanding at January 1, 2015 14,205,625 $ 0.80 7.2 $ 2,000 Granted 930,132 $ 0.22 Exercised - - Forfeited or expired (2,396,826) $ 0.65 Outstanding at September 30, 2015 12,738,931 $ 0.78 6.5 $ 0 Exercisable at September 30, 2015 9,167,792 $ 0.92 5.5 $ 0 The weighted-average grant-date fair value of stock options granted under the Plans during 2015 was $ 0.22 930,132 170,000 1.2 2.4 Additionally, the Company has issued certain stock purchase warrants in exchange for the performance of services, not covered by the Plans. Weighted- Weighted- Average Average Remaining Aggregate Exercise Contractual Intrinsic Warrants to Service Providers Shares Price Term Value Outstanding at January 1, 2015 1,481,364 $ 1.20 1.3 $ 0 Granted 0 Exercised 0 Forfeited or expired (975,000) $ 1.50 Outstanding at September 30, 2015 506,364 $ 0.61 2.9 $ 0 Exercisable at September 30, 2015 506,364 $ 0.61 2.9 $ 0 There were no such warrants granted or exercised in 2015. Three Months Ended September 30, Nine Months Ended September 30, Stock-Based Expense 2015 2014 2015 2014 Included in Statements of Operations caption as follows: Sales and marketing $ (36,046) $ 62,755 $ 83,583 $ 101,890 Research and development 21,072 32,353 64,542 41,166 General and administrative 149,577 295,781 509,193 796,422 $ 134,603 $ 390,889 $ 657,318 $ 939,478 |
Fair Value Measurements and Dis
Fair Value Measurements and Disclosures | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Note 7 Fair Value Measurements and Disclosures Financial Instruments Carried at Cost Short-term financial instruments in our condensed consolidated balance, including accounts receivables, accounts payable and accrued expenses, are carried at cost which approximates fair value, due to their short-term nature. The fair value of our long-term convertible debt was approximately $ 30 Fair Value Measurements Our condensed consolidated balance sheets include various financial instruments that are carried at fair value. Fair value is the price that would be received from the sale of an asset or paid to transfer a liability assuming an orderly transaction in the most advantageous market at the measurement date. U.S. GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of observability of inputs used in measuring fair value. These tiers include: · Level 1, defined as observable inputs such as quoted prices in active markets for identical assets; · Level 2, defined as observable inputs other than Level I prices such as quoted prices for similar assets; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and · Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. At each reporting period, we perform a detailed analysis of our assets and liabilities that are measured at fair value. All assets and liabilities for which the fair value measurement is based on significant unobservable inputs or instruments which trade infrequently and therefore have little or no price transparency are classified as Level 3. Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis We have segregated our financial assets and liabilities that are measured at fair value on a recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date in the table below. The inputs used in measuring the fair value of cash and short-term investments are considered to be Level 1 in accordance with the three-tier fair value hierarchy. The fair market values are based on period-end statements supplied by the various banks and brokers that held the majority of our funds. We account for our derivative financial instruments, consisting solely of certain stock purchase warrants that contain non-standard anti-dilutions provisions and/or cash settlement features, and certain conversion options embedded in our convertible instruments, at fair value using level 3 inputs. We determine the fair value of these derivative liabilities using the Black-Scholes option pricing model when appropriate, and in certain circumstances using binomial lattice models or other accepted valuation practices. When determining the fair value of our financial liabilities using the Black-Scholes option pricing model, we are required to use various estimates and unobservable inputs, including, among other things, contractual terms of the instruments, expected volatility of our stock price, expected dividends, and the risk-free interest rate. Changes in any of the assumptions related to the unobservable inputs identified above may change the fair value of the instrument. Increases in expected term, anticipated volatility and expected dividends generally result in increases in fair value, while decreases in the unobservable inputs generally result in decreases in fair value. When determining the fair value of our financial liabilities using binomial lattice models or other accepted valuation practices, we also are required to use various estimates and unobservable inputs, including in addition to those listed above, the probability of certain events. As of September 30, 2015 Description Level 1 Level 2 Level 3 Total Assets Investment in money market funds $ 3,412,080 $ - $ - $ 3,412,080 Total investment in money market funds $ 3,412,080 $ - $ - $ 3,412,080 Liabilities Embedded conversion options $ - $ - $ 396,235 $ 396,235 Stock purchase warrants - - 2,201,695 2,201,695 Total derivative liabilities $ - $ - $ 2,597,930 $ 2,597,930 As of December 31, 2014 Description Level 1 Level 2 Level 3 Total Assets Investment in money market funds $ 15,736,350 $ - $ - $ 15,736,350 Total investment in money market funds $ 15,736,350 $ - $ - $ 15,736,350 Liabilities Embedded conversion options $ - $ - $ 4,362,225 $ 4,362,225 Stock purchase warrants - - 25,484,596 25,484,596 Total derivative liabilities $ - $ - $ 29,846,821 $ 29,846,821 The Level 1 assets measured at fair value in the above table are classified as cash and cash equivalents and the Level 3 liabilities measured at fair value in the above table are classified as derivative liabilities in the accompanying condensed consolidated balance sheets. All gains and losses arising from changes in the fair value of derivative instruments are classified as the changes in the fair value of derivative liabilities in the accompanying condensed consolidated statements of operations. During the quarters ended September 30, 2015 and 2014 we did not have any transfers between Level 1, Level 2, or Level 3 assets or liabilities. Reclassed to Balance at Effect of Additional Balance at December 31, Established in Conversion to Paid-In Change in September 30, Description 2014 2015 Common Stock Capital Fair Value 2015 Derivative liabilities: Embedded conversion options $ 4,362,225 $ - $ - $ - $ (3,965,990) $ 396,235 Stock purchase warrants 25,484,596 - - - (23,282,901) 2,201,695 TOTALS $ 29,846,821 $ $ - $ - $ (27,248,891) $ 2,597,930 Reclassed to Balance at Effect of Additional Balance at December 31, Established in Conversion to Paid-In Change in September 30, Description 2013 2014 Common Stock Capital (1) Fair Value 2014 Derivative liabilities: Embedded conversion options $ 1,515,540 $ 8,825,935 $ (1,932,693) - $ (883,931) $ 7,524,851 Stock purchase warrants 1,733,055 29,137,683 - (1,331,776) 1,042,562 30,581,524 TOTALS $ 3,248,595 $ 37,963,618 $ (1,932,693) $ (1,331,776) $ 158,631 $ 38,106,375 (1) Various warrants were reclassified to additional paid-in capital as a result of the expiration of non-standard anti-dilution clauses contained within the warrants. We have no financial assets and liabilities measured at fair value on a non-recurring basis. Non-Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis Property and equipment, intangible assets and goodwill are measured at fair value on a non-recurring basis (upon impairment). As discussed in Note 4, as of September 30, 2015 we determined that the estimated fair value of our IPR&D asset was less than its carrying value, and recognized an impairment charge of $ 22.6 1.1 In determining the fair value of our intangibles assets, we assessed how our net tangible assets, goodwill and other intangible assets would be valued in a hypothetical sale of the Company, with the sales price being equal to our market capitalization as of September 30, 2015. After allocating the total fair value of our reporting unit to the estimated fair value of our net tangible assets, we then allocated remaining fair value first to our definite-lived intangible assets and second to our indefinite-lived intangible asset. We determined the fair value of the goodwill as the excess of the total fair value of the reporting unit over the fair value of all other assets and liabilities. As discussed in Note 4, as of September 30, 2015 we determined that the estimated fair value of our IPR&D asset was less than its carrying value, and recognized an impairment charge of $22.6 million. Additionally, we determined that the estimated fair value of our goodwill was less than its carrying value, and recognized an impairment charge of $1.1 million. As a result of our decision to discontinue further funding of the ALD-401 development program during the three months ended June 30, 2014, we recognized a non-cash impairment charge of approximately $ 3.7 1.0 For the June 2014 assessment we For the June 2014 assessment we determined the fair value for the Trademark by using the royalty savings method of the income approach. In applying this method, we used the expected future royalty revenues, generated by the Trademark, to get to the expected net cash flows. We then applied an asset-specific discount rate to the forecasted net cash flows to arrive at a net present value amount. Significant estimates and assumptions used in this approach were the (i) amount and timing of the projected revenues; (ii) royalty rate based on comparable trademarks; (iii) estimated useful life; and (iv) discount rate, which reflects the various risks involved in future cash flows; and (v) tax rate. We have no non-financial assets and liabilities measured at fair value on a recurring basis. |
Supplemental Cash Flow Disclosu
Supplemental Cash Flow Disclosures | 9 Months Ended |
Sep. 30, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | Note 8 Supplemental Cash Flow Disclosures 2015 2014 Conversion of convertible debt to common stock $ - $ 3,067,423 Reclassification of the unamortized balance of debt discount and derivative liability, related to the extinguishment and conversion of the subordinated convertible debt, to additional paid-in capital - 2,860,627 Derivative liability created from conversion option embedded in Deerfield convertible credit facility - 8,825,935 Warrants issued in connection with convertible debt and equity facility - 29,137,683 Reclassification of warrant derivative liability to additional paid-in capital as a result of the expiration of non-standard anti-dilution clause contained in warrants - 1,331,776 Issuance of common stock in connection with convertible debt facility - 1,050,000 Accrued property and equipment - 114,494 Common stock issued for settlement of contingency - 39,150 We did not pay any cash for interest in the nine months ended September 30, 2015. Cash paid for interest was approximately $ 730,000 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 9 Commitments and Contingencies Under the Company’s plan of reorganization upon emergence from bankruptcy in July 2002, the Series A Preferred stock and the dividends accrued thereon that existed prior to emergence from bankruptcy were to be exchanged into one share of new common stock for every five shares of Series A Preferred stock held as of the date of emergence from bankruptcy. This exchange was contingent on the Company’s attaining aggregate gross revenues for four consecutive quarters of at least $ 10,000,000 325,000 271,000 In connection with the Deerfield Facility Agreement, we entered into a Registration Rights Agreement (the “RRA”) with Deerfield and agreed to register, among other things, shares of our common stock issuable upon conversion and exercise of convertible notes and related common stock warrants. In accordance with the RRA, we are obligated to file and maintain an effective registration statement until (i) the date when all shares underlying the convertible notes and related warrants (and any other securities issued or issuable with respect to in exchange for such shares) have been sold or (ii) at any time following the six month anniversary of the date of issuance, all warrant shares issuable upon exercise of the warrants should be eligible for immediate resale pursuant to Rule 144 under the Securities Act. Our primary office and warehouse facilities are located in Gaithersburg, Maryland, and comprise approximately 12,000 13,000 4,000 2,100 4,000 16,300 20,000 13,000 In July 2009, in satisfaction of a Maryland law pertaining to Wholesale Distributor Permits, we established a Letter of Credit, in the amount of $ 50,000 The Company and the MVF agreed to execute a certain Stock Repurchase Agreement which requires us to repurchase the MVF’s investment, at MVF’s option, upon certain events outside of our control; provided, however, that in the event that, at the time of either such event our securities are listed on a national securities exchange, the foregoing repurchase will not be triggered. Purchase obligations consist of a commitment to purchase 600 Aurix centrifuges. Receipt of the centrifuges is expected to commence during the fourth quarter of 2015, with the remaining 200 units expected to be delivered during the first quarter of 2016. In addition, we have committed to rebranding and enhancing 270 additional Aurix centrifuges with this same supplier. The September 30, 2015 remaining balance to be paid under this commitment was approximately $ 170,000 280,000 In addition, as of September 30, 2015, we were obligated to purchase a combination of Angel cPRP processing sets and activAT kits from our supplier which were valued at approximately $1,050,000. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 10 - Subsequent Events Deerfield Facility Agreement Events of Default On November 11, 2015, we entered into a letter agreement with Deerfield and certain of its affiliates pursuant to which the Deerfield Facility Agreement was modified to provide that, (i) between November 11, 2015 and December 4, 2015, the amount of cash that is required to be maintained in a deposit account subject to control agreements in favor of our senior lenders was reduced from $ 5,000,000 1,750,000 As of November 12, 2015, the Company has failed to make an interest payment of approximately $ 2.6 5.75 38.3 3,290,910 5.0 Entry into a Material Definitive Agreement . On October 16, 2015, the Company entered into the Amended Arthrex Agreement with Arthrex, which amends and restates the Original Arthrex Agreement entered into by the Company and Arthrex on August 7, 2013. Under the terms of the Amended Arthrex Agreement the Company has granted to Arthrex (A) an exclusive, irrevocable, worldwide, sub-licensable, transferable license to the patents used in the technology to research, develop, make, have made, use, sell, offer for sale, have sold, distribute and have distributed, import and have imported, the Angel® Concentrated Platelet System product line (including, without limitation, the activAT disposables and associated components) and certain new enhanced products within the "Exclusive Field of Use" and (B) a non-exclusive, irrevocable, worldwide, sub-licensable, transferable license to the patents used in the technology to research, develop, make, have made, use, sell, offer for sale, have sold, distribute and have distributed, import and have imported, Angel and certain new enhanced products within (a) nonsurgical aesthetics markets in the United Kingdom and Ireland subject to certain license rights granted to Biotherapy Services Ltd. and (b) any wound care applications (i) worldwide, outside the United States, its territories and possessions and (ii) in the United Kingdom and Ireland subject to certain license rights granted to Biotherapy Services Ltd. (the "Non-Exclusive Field of Use"). The "Exclusive Field of Use" consists of uses in human and veterinary applications except those described in the Non-Exclusive Field of Use. In consideration of the licenses granted, Arthrex will continue to pay the Company a percentage of gross sales revenue, including royalties paid by sublicensees to Arthrex and its affiliates, from the sales of Angel ("Gross Sales Revenue") as a royalty (a "Royalty") according to percentages agreed upon by the parties. As part of the transaction, the Company transferred to Arthrex all of its rights and title to product registration rights and intellectual property (other than patents) related to Angel. In connection with the Agreement, senior lien holders Deerfield Special Situations Fund, L.P., Deerfield Private Design Fund II, L.P., Deerfield Private Design International II, L.P. irrevocably released their liens on the product registration rights and intellectual property (other than patents) assets transferred by the Company to Arthrex. The Company and Arthrex agreed that, on a date to be determined by Arthrex, but not later than March 31, 2016, Arthrex will assume all rights related to the manufacture and supply of the Angel product line. Notwithstanding the actual Gross Sales Revenue, Arthrex will pay the Company a minimum annual royalty for years 2018 to 2021. Arthrex paid $ 775,000 The term of the Amended Arthrex Agreement will continue until the expiration of the last to expire of the licensed patents licensed thereunder (generally August 2024), or until such time when the last of the royalty obligations expire, whichever is longer, unless terminated earlier at the mutual agreement of the parties or by the Company for failure of Arthrex to pay certain amounts due or if Arthrex challenges the validity or enforceability of certain Company patents. The Amended Arthrex Agreement contains various customary representations and warranties, as well as customary provisions relating to confidentiality and other matters. 2016 Aurix System Reimbursement Rate The Aurix System reimbursement rate under the Hospital Outpatient Prospective Payment System (HOPPS) for the calendar year 2016 has been published by the Centers for Medicare and Medicaid Services (CMS). Aurix was placed in Ambulatory Payment Classification (APC) 5054 (Level 4 Skin Procedures) and will be reimbursed at a national average rate of $1,411 per application effective January 1, 2016. In the text of the ruling, CMS commented they believe the geometric mean cost of the services underlying Aurix is comparable to the geometric mean cost of APC 5054. This represents an increase of from the effective HOPPS proposed average payment in prior periods, as the national average rate was $430 per treatment in 2015. |
Business and Summary of Signi16
Business and Summary of Significant Accounting Principles (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Policy Text Block] | Description of Business Nuo Therapeutics, Inc. (“Nuo Therapeutics,” the “Company,” “we,” “us,” or “our”) is a biomedical company marketing products within the U.S. and internationally. We commercialize innovative cell-based technologies that harness the regenerative capacity of the human body to trigger natural healing. The use of autologous (from self) biological therapies for tissue repair and regeneration is part of a transformative clinical strategy designed to improve long term recovery in complex chronic conditions with significant unmet medical needs. Growth drivers in the U.S. include the treatment of chronic wounds with Aurix in the Veterans Affairs healthcare system and the Medicare population under a National Coverage Determination when registry data is collected under CMS’ Coverage with Evidence Development (CED) program, and a worldwide distribution and licensing agreement that allows our partner to promote the Angel® system for uses other than wound care Our current commercial offerings consist of point of care technologies for the safe and efficient separation of autologous blood and bone marrow to produce platelet based therapies or cell concentrates. We currently have two distinct platelet rich plasma (“PRP”) devices, the Aurix System for wound care and the Angel® concentrated Platelet Rich Plasma (“cPRP”) System for orthopedics markets. During the first nine months of 2015 84 ( Note 10 - Subsequent Events Since our inception, we have financed our operations by raising debt, issuing equity and equity-linked instruments, executing licensing arrangements, and to a lesser extent by generating royalties and product revenues. We have incurred, and continue to incur, recurring losses and negative cash flows. At September 30, 2015 we had total debt outstanding of $37.6 million, including accrued interest. Pursuant to the terms of the Deerfield Facility Agreement (“Deerfield Facility Agreement”) with Deerfield Management Company, L.P. (“Deerfield”), we are required to maintain a compensating cash balance of $5,000,000 in deposit accounts subject to control agreements in favor of the lenders. As of September 30, 2015, we were not in compliance with this covenant, resulting in a technical event of default under the Deerfield Facility Agreement. In addition, the terms of the Deerfield Facility Agreement required us to pay Deerfield the accrued interest amount of approximately $ 2.6 provisions that could lead to the declaration by Deerfield of a ( Note 5 Debt and Derivative Liabilities and Note 10 - Subsequent Events We had cash and cash equivalents on hand at September 30, 2015 of approximately $ 4.1 Note 10 - Subsequent Events Capital Fund, LLC (“Lincoln Park”), Note 5 Debt and Derivative Liabilities and Note 10 - Subsequent Events |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). In our opinion, the accompanying unaudited interim condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, which are necessary to present fairly our financial position, results of operations and cash flows. The condensed consolidated balance sheet at December 31, 2014, has been derived from audited financial statements of that date. The interim condensed consolidated results of operations are not necessarily indicative of the results that may occur for the full fiscal year. Certain information and footnote disclosure normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to instructions, rules and regulations prescribed by the United States Securities and Exchange Commission, or the SEC. We believe that the disclosures provided herein are adequate to make the information presented not misleading when these unaudited interim condensed consolidated financial statements are read in conjunction with the audited financial statements and notes previously distributed in our annual report on Form 10-K for the year ended December 31, 2014. Certain prior period information has been reclassified to conform to the current period presentation. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned and controlled subsidiary. All significant inter-company accounts and transactions are eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. In the accompanying unaudited condensed consolidated financial statements, estimates are used for, but not limited to, stock-based compensation, allowance for inventory obsolescence, allowance for doubtful accounts, valuation of derivative liabilities and contingent consideration, contingent liabilities, fair value and depreciable lives of long-lived assets (including property and equipment, intangible assets and goodwill), deferred taxes and valuation allowance. Actual results could differ from those estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents We consider all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. Approximately $ 3.5 15.5 Pursuant to the terms of the Deerfield Facility Agreement (See Note 5 - Debt and Derivative Liabilities 5,000,000 ( Note 5 Debt and Derivative Liabilities and Note 10 - Subsequent Events |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Customer and Vendor Concentration Our accounts receivables balance at September 30, 2015 was primarily from Arthrex ( 49 92 Note 10 Subsequent Events We use single suppliers for several components of the Angel and Aurix product lines. We outsource the manufacturing of various products, including component parts for Angel, to contract manufacturers. While we believe these manufacturers demonstrate competency, reliability and stability, there is no assurance that one or more of them will not experience an interruption or inability to provide us with the products needed to satisfy customer demand. Additionally, while most of the components of Aurix are generally readily available on the open market, a reagent, bovine thrombin, is available exclusively through Pfizer, with whom we have an established vendor relationship. |
Receivables, Policy [Policy Text Block] | Accounts Receivables We generate accounts receivables from the sale of our products and we provide for an allowance against receivables for estimated losses that may result from a customer’s inability or unwillingness to pay. The allowance for doubtful accounts is estimated primarily based upon historical write-off percentages, known problem accounts, and current economic conditions. Accounts are written off against the allowance for doubtful accounts when we determine that amounts are not collectable. Recoveries of previously written-off accounts are recorded when collected. At September 30, 2015 and December 31, 2014, we maintained an allowance for doubtful accounts of approximately $ 70,000 32,000 |
Inventory, Policy [Policy Text Block] | Our inventory is produced by third party manufacturers and consists primarily of finished goods. Inventory cost is determined on a first-in, first-out basis and is stated at the lower of cost or net realizable value. We maintain an inventory of kits, reagents, and other disposables that have shelf-lives that generally range from 18 months five years We provide for an allowance against inventory for estimated losses that may result in excess and obsolete inventory (i.e. from the expiration of products). Our allowance for expired inventory is estimated based upon the inventory’s remaining shelf-life and our anticipated ability to sell such inventory, which is estimated using historical usage and future forecasts, within its remaining shelf life. At September 30, 2015 and December 31, 2014, the Company maintained an allowance for expired and excess and obsolete inventory of approximately $ 67,000 90,00 0 , |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment is stated at cost less accumulated depreciation and is depreciated, using the straight-line method, over its estimated useful life ranging from two to five years for all assets except for furniture, lab and manufacturing equipment which is depreciated over seven and ten years, respectively. Leasehold improvements are stated at cost less accumulated depreciation and is amortized, using the straight-line method, over the lesser of the expected lease term or its estimated useful life ranging from three to six years; amortization of leasehold improvements is included in depreciation expense. Maintenance and repairs are charged to operations as incurred. When assets are disposed of, the cost and related accumulated depreciation are removed from the accounts and any gain or loss is included in other income (expense). Centrifuges may be sold, leased, or placed at no charge with customers. Depreciation expense for centrifuges that are available for sale, leased, or placed at no charge with customers are charged to costs of product sales. Depreciation expense for centrifuges used for other purposes are charged to their associated operating expenses. Property and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. Recoverability measurement and estimating of undiscounted cash flows is done at the lowest possible level for which we can identify assets. If such assets are considered to be impaired, impairment is recognized as the amount by which the carrying amount of assets exceeds the fair value of the assets. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Intangible Assets and Goodwill Intangible assets were acquired as part of our acquisitions of the Angel business and Aldagen, and consist of definite-lived and indefinite-lived intangible assets, including goodwill. Definite-lived intangible assets Our definite-lived intangible assets include trademarks, technology (including patents) and customer relationships, and are amortized over their useful lives and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If any indicators were present, we test for recoverability by comparing the carrying amount of the asset to the net undiscounted cash flows expected to be generated from the asset. If those net undiscounted cash flows do not exceed the carrying amount (i. e., the asset is not recoverable), we would perform the next step, which is to determine the fair value of the asset and record an impairment loss, if any. We periodically reevaluate the useful lives for these intangible assets to determine whether events and circumstances warrant a revision in their remaining useful lives. We determined that of our definite-lived intangible assets were not impaired as of September 30, 2015. During the three month period ended June 30, 2014 we recognized a non-cash impairment charge related to our trademarks of approximately $ 1.0 Note 4 Goodwill and Intangible Assets Indefinite-lived intangible assets We evaluate our indefinite-lived intangible asset, consisting solely of in-process research and development (“IPR&D”) acquired in the Aldagen acquisition, for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable, and at least on an annual basis on October 1 of each year, by comparing the fair value of the asset with its carrying amount. If the carrying amount of the intangible asset exceeds its fair value, we would recognize an impairment loss in the amount of that excess. We determined that our IPR&D asset was impaired as of September 30, 2015 and recognized a non-cash IPR&D impairment charge of approximately $ 22.6 3.7 See Note 4 Goodwill and Intangible Assets Goodwill Goodwill represents the purchase price of acquisitions in excess of the amounts assigned to acquired tangible or intangible assets and assumed liabilities. Goodwill is tax deductible in all relevant jurisdictions. As a result of our acquisition of Aldagen in February 2012, we recorded goodwill of approximately $ 422,000 707,000 Before employing detailed impairment testing methodologies, we first evaluate the likelihood of impairment by considering qualitative factors relevant to our reporting unit. When performing the qualitative assessment, we evaluate events and circumstances that would affect the significant inputs used to determine the fair value of the goodwill. Events and circumstances evaluated include: macroeconomic conditions that could affect us, industry and market considerations for the generic pharmaceutical industry that could affect us, cost factors that could affect our performance, our financial performance (including share price), and consideration of any company-specific events that could negatively affect us, our business, or the fair value of our business. If we determine that it is more likely than not that goodwill is impaired, we will then apply detailed testing methodologies. Otherwise, we will conclude that no impairment has occurred. Detailed impairment testing involves comparing the fair value of our one reporting unit to its carrying value, including goodwill. If the fair value exceeds carrying value, then it is concluded that no goodwill impairment has occurred. If the carrying value of the reporting unit exceeds its fair value, a second step is required to measure possible goodwill impairment loss. The second step includes hypothetically valuing the tangible and intangible assets and liabilities of our one reporting unit as if it had been acquired in a business combination. The implied fair value of our one reporting unit's goodwill then is compared to the carrying value of that goodwill. If the carrying value of our one reporting unit's goodwill exceeds the implied fair value of the goodwill, we recognize an impairment loss in an amount equal to the excess, not to exceed the carrying value. We determined that goodwill was impaired as of September 30, 2015 and recognized a non-cash goodwill impairment charge of approximately $ 1.1 Note 4 Goodwill and Intangible Assets |
Exit Activities [Policy Text Block] | Realignment and Exit Activities On August 11, 2015, our Board of Directors approved our realignment plan (the "Realignment Plan") with the goal of preserving and maximizing, for the benefit of our stockholders, the value of our existing assets. The plan eliminated approximately 30% of our workforce and was aimed at the preservation of cash and cash equivalents to finance our future operations and support our revised business objectives. We intend to maintain sufficient resources and personnel so that we can seek partners, co-developers or acquirers for our regenerative therapies and continue to execute under our existing agreements with our customers. In connection, with the Realignment Plan, Martin P. Rosendale, stepped down as Chief Executive officer effective August 14, 2015, and continues to serve us as a consultant on an as needed basis. Effective August 15, 2015, Dean Tozer was appointed as our President and Chief Executive Officer. Immediately prior to such appointment, Mr. Tozer served as our Chief Commercial Officer. We recognized severance costs to executives and non-executives in connection with the Realignment Plan of approximately $ 0.80 In May 2014, we announced preliminary efficacy and safety results of our RECOVER-Stroke Phase 2 clinical trial in patients with neurological damage arising from ischemic stroke and treated with ALD-401. Observed improvements in the primary endpoint (mean modified Rankin Score or mRS) of the trial were not clinically or statistically significant. In light of this outcome, we discontinued further funding of the ALD-401 development program, decided to close our facilities in Durham, NC, and terminated certain employees, and recognized approximately $ 400,000 695,000 335,000 |
Conditionally Redeemable Common Stock, Policy [Policy Text Block] | Conditionally Redeemable Common Stock The Maryland Venture Fund (“MVF,” part of Maryland Department of Business and Economic Development) has an investment in our common stock, and can require us to repurchase the common stock, at MVF’s option, upon certain events outside of our control. MVF’s common stock is classified as contingently redeemable common shares in the accompanying unaudited condensed consolidated balance sheets. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition We recognize revenue when the four basic criteria for recognition are met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services rendered; (3) consideration is fixed or determinable; and (4) collectability is reasonably assured. Sales of products We provide for the sale of our products, including disposable processing sets and supplies to customers. Revenue from the sale of products is recognized upon shipment of products to the customers. We do not maintain a reserve for returned products as in the past those returns have not been material and are not expected to be material in the future. Usage or leasing of blood separation equipment As a result of the acquisition of the Angel business, we acquired various multiple element revenue arrangements that combined the (i) usage or leasing of blood separation processing equipment, (ii) maintenance of processing equipment, and (iii) purchase of disposable processing sets and supplies. We assigned these multiple element revenue arrangements to Arthrex in 2013 and no longer recognize revenue under these arrangements. Percentage-based fees on licensee sales of covered products, including those sold by Arthrex, are generally recorded as products are sold by licensees and are reflected as royalties in the condensed consolidated statements of operations. Direct costs associated with product sales and royalty revenues are recorded at the time that revenue is recognized. Deferred revenue at September 30, 2015 consists of prepaid licensing revenue of approximately $ 1,140,000 182,000 302,000 2.3 License Fees The Company’s license agreement with Rohto (See Note 2 Distribution and License Arrangements 3.0 |
Segment Reporting, Policy [Policy Text Block] | Segments and Geographic Information We operate in one business segment. Approximately 13 16 50 30 |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Expenses Research and development costs are expensed as incurred; advance payments are deferred and expensed as performance occurs. Research and development costs include salaries and wages and related benefits, including stock-based compensation expense, clinical trials, CED costs, related material and supplies, contract services and other outside services. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation The Company awards stock options, restricted stock or other equity instruments to employees, directors, consultants, and other service providers under its 2002 Long-Term Incentive Plan or 2013 Equity Incentive Plan (collectively, the “Plans”). The Company also issues stock purchase warrants to service providers outside of the Plans. Stock-based compensation cost for employee and non-employee director stock options is determined at the grant date using an option pricing model and stock-based compensation cost for restricted stock is based on the closing market price of the stock at the grant date. The value of the award that is ultimately expected to vest is recognized as expense on a straight-line basis over the employee's requisite service period. Stock-based compensation for awards granted to non-employees is periodically remeasured as the underlying equity awards vest. We recognize an expense for such awards throughout the performance period as the services are provided by the non-employees, based on the fair value of these options and warrants at each reporting period. We recognize the estimated fair value of stock-based awards and classify the expense where the underlying salaries or other related costs are classified. Valuation of stock awards requires management to make assumptions and to apply judgment to determine the fair value of the awards. The fair value of equity-based compensation awards is estimated on the accounting grant date using the Black-Scholes-Merton option-pricing formula. For stock options, expected volatilities are based on historical volatility of the Company’s stock. Company data was used to estimate option exercises and employee terminations within the valuation model for the nine month period ending September 30, 2015 and the year ended December 31, 2014. Expected years until exercise represents the period of time that options are expected to be outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The Company estimated that the dividend rate on its common stock will be zero. |
Income Tax, Policy [Policy Text Block] | Income Taxes We account for income taxes using the asset and liability approach, which requires the recognition of future tax benefits or liabilities on the temporary differences between the financial reporting and tax bases of our assets and liabilities. A valuation allowance is established when necessary to reduce deferred tax assets to the amounts expected to be realized. We also recognize a tax benefit from uncertain tax positions only if it is “more likely than not” that the position is sustainable based on its technical merits. Our policy is to recognize interest and penalties on uncertain tax positions as a component of income tax expense. Income tax expense was $ 4,921 4,645 14,688 13,935 |
Earnings Per Share, Policy [Policy Text Block] | Basic and Diluted Earnings (Loss) per Share Basic earnings (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of shares of common stock outstanding during the period. For periods of net income, and when the effects are not anti-dilutive, diluted earnings per share is computed by dividing net income available to common shareholders by the weighted-average number of shares outstanding plus the impact of all potential dilutive common shares, consisting primarily of common stock options and stock purchase warrants using the treasury stock method, and convertible debt using the if-converted method. The total number of anti-dilutive shares, common stock options, warrants exercisable for common stock, and convertible debt, which have been excluded from the computation of diluted earnings (loss) per share, was 201,168,564 224,287,304 For periods of net loss, diluted loss per share is calculated similarly to basic loss per share because the impact of all dilutive potential common shares is anti-dilutive. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2014, the FASB issued guidance for revenue recognition for contracts, superseding the previous revenue recognition requirements, along with most existing industry-specific guidance. The guidance requires an entity to review contracts in five steps: 1) identify the contract, 2) identify performance obligations, 3) determine the transaction price, 4) allocate the transaction price, and 5) recognize revenue. The new standard will result in enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue arising from contracts with customers. The FASB approved a one-year deferral in July 2015, making the standard effective for reporting periods beginning after December 15, 2017, with early adoption permitted only for reporting periods beginning after December 15, 2016. We are currently evaluating the impact, if any, that this new accounting pronouncement will have on our financial statements. In August 2014, the FASB issued guidance for the disclosure of uncertainties about an entity’s ability to continue as a going concern. Under U.S. GAAP, continuation of a reporting entity as a going concern is presumed as the basis for preparing financial statements unless and until the entity’s liquidation becomes imminent. Preparation of financial statements under this presumption is commonly referred to as the going concern basis of accounting. Previously, there was no guidance in U.S. GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related footnote disclosures. This was issued to provide guidance in U.S. GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. In doing so, the amendments should reduce diversity in the timing and content of footnote disclosures. The amendments in this update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. We are currently evaluating the impact, if any, that the adoption will have on our consolidated financial statements. In April 2015, the FASB issued guidance as to whether a cloud computing arrangement (e.g., software as a service, platform as a service, infrastructure as a service, and other similar hosting arrangements) includes a software license and, based on that determination, how to account for such arrangements. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The amendment is effective for reporting periods beginning after December 15, 2015 and may be applied on either a prospective or retrospective basis. Early adoption is permitted. We do not expect the adoption of this new accounting pronouncement to have a material impact on our financial statements. In April 2015, the FASB issued guidance to simplify the balance sheet disclosure for debt issuance costs. Under the guidance, debt issuance costs related to a recognized debt liability will be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, in the same manner as debt discounts, rather than as an asset. The standard is effective for reporting periods beginning after December 15, 2015 and early adoption is permitted. We intend to adopt this requirement in 2016, and currently anticipate that the impact of adoption will solely be a reclassification of our deferred financing costs from asset classification to contra-liability classification. In July 2015, the FASB issued guidance for the accounting for inventory. The main provisions are that an entity should measure inventory within the scope of this update at the lower of cost and net realizable value, except when inventory is measured using LIFO or the retail inventory method. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. In addition, the Board has amended some of the other guidance in Topic 330 to more clearly articulate the requirements for the measurement and disclosure of inventory. The amendments in this update for public business entities are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The amendments in this update should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. We are currently evaluating the impact, if any, that the adoption will have on our financial statements. In September 2015, the FASB issued accounting guidance to simplify the accounting for measurement period adjustments resulting from business combinations. Under the guidance, an acquirer will be required to recognize adjustments to provisional amounts identified during the measurement period in the reporting period in which the adjustments are determined. The guidance requires an entity to present separately on the face of the income statement or disclose in the notes to the financial statements the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment had been recognized as of the acquisition date. The standard is effective for reporting periods beginning after December 15, 2015. The amendments in this pronouncement should be applied prospectively, with earlier application permitted. The Company is currently evaluating the impact, if any, that this new accounting pronouncement will have on its financial statements. We have evaluated all other issued and unadopted Accounting Standards Updates and believe the adoption of these standards will not have a material impact on our results of operations, financial position, or cash flows. |
Receivables (Tables)
Receivables (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Accounts and other receivables, net consisted of the following: September 30, December 31, 2015 2014 Trade receivables $ 807,890 $ 609,179 Other receivables 1,487,601 1,312,617 2,295,491 1,921,796 Less allowance for doubtful accounts (70,111) (32,469) $ 2,225,380 $ 1,889,327 |
Goodwill and Other Intangible18
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Intangible Assets [Table Text Block] | The carrying value of our intangible assets net of impairment charges, and the associated amortization, were as follows: September 30, December 31, 2015 2014 Trademarks $ 1,047,000 $ 1,047,000 Technology 2,355,000 2,355,000 Customer relationships 708,000 708,000 In-process research and development 3,313,554 25,926,000 Total $ 7,423,554 $ 30,036,000 Less accumulated amortization (1,519,512) (1,288,230) $ 5,904,042 $ 28,747,770 |
Equity and Stock-Based Compen19
Equity and Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | The Company had the following stock purchase warrants outstanding at September 30, 2015: Warrants Outstanding Exercise Expiration Classification 100,000 $ 0.37 October-15 Equity 1,488,839 $ 0.60 April-16 Equity 916,665 $ 0.50 April-16 Equity 20,000 $ 0.40 June-16 Equity 136,364 $ 0.66 February-18 Equity 6,363,638 $ 0.75 February-18 Equity 5,047,461 $ 0.65 December-18 Equity 232,964 $ 0.65 December-18 Equity 2,884,615 $ 0.52 March-19 Liability 1,474,615 $ 0.52 March-19 Liability 3,525,000 $ 0.52 June-19 Liability 1,079,137 $ 0.70 February-20 Equity 250,000 $ 0.70 February-20 Equity 25,115,384 $ 0.52 March-21 Liability 67,500,000 $ 0.52 June-21 Liability 116,134,682 |
Schedule Of Warrant Activity [Table Text Block] | A summary of service provider warrant activity as of September 30, 2015 and changes during 2015, is presented below: Weighted- Weighted- Average Average Remaining Aggregate Exercise Contractual Intrinsic Warrants to Service Providers Shares Price Term Value Outstanding at January 1, 2015 1,481,364 $ 1.20 1.3 $ 0 Granted 0 Exercised 0 Forfeited or expired (975,000) $ 1.50 Outstanding at September 30, 2015 506,364 $ 0.61 2.9 $ 0 Exercisable at September 30, 2015 506,364 $ 0.61 2.9 $ 0 |
Schedule Of Share Based Compensation Expense [Table Text Block] | The Company recorded stock-based compensation expense for the three and nine months ended September 30, 2015 and 2014 as follows: Three Months Ended September 30, Nine Months Ended September 30, Stock-Based Expense 2015 2014 2015 2014 Included in Statements of Operations caption as follows: Sales and marketing $ (36,046) $ 62,755 $ 83,583 $ 101,890 Research and development 21,072 32,353 64,542 41,166 General and administrative 149,577 295,781 509,193 796,422 $ 134,603 $ 390,889 $ 657,318 $ 939,478 |
Incentive Plan [Member] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of stock option activity under the Plans as of September 30, 2015, and changes during 2015, is presented below: Weighted- Weighted- Average Average Remaining Aggregate Exercise Contractual Intrinsic Stock Options Shares Price Term Value Outstanding at January 1, 2015 14,205,625 $ 0.80 7.2 $ 2,000 Granted 930,132 $ 0.22 Exercised - - Forfeited or expired (2,396,826) $ 0.65 Outstanding at September 30, 2015 12,738,931 $ 0.78 6.5 $ 0 Exercisable at September 30, 2015 9,167,792 $ 0.92 5.5 $ 0 |
Fair Value Measurements and D20
Fair Value Measurements and Disclosures (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Measurement Inputs, Disclosure [Table Text Block] | The following table represents the fair value hierarchy for our financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014: As of September 30, 2015 Description Level 1 Level 2 Level 3 Total Assets Investment in money market funds $ 3,412,080 $ - $ - $ 3,412,080 Total investment in money market funds $ 3,412,080 $ - $ - $ 3,412,080 Liabilities Embedded conversion options $ - $ - $ 396,235 $ 396,235 Stock purchase warrants - - 2,201,695 2,201,695 Total derivative liabilities $ - $ - $ 2,597,930 $ 2,597,930 As of December 31, 2014 Description Level 1 Level 2 Level 3 Total Assets Investment in money market funds $ 15,736,350 $ - $ - $ 15,736,350 Total investment in money market funds $ 15,736,350 $ - $ - $ 15,736,350 Liabilities Embedded conversion options $ - $ - $ 4,362,225 $ 4,362,225 Stock purchase warrants - - 25,484,596 25,484,596 Total derivative liabilities $ - $ - $ 29,846,821 $ 29,846,821 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | The following tables set forth a summary of changes in the fair value of Level 3 liabilities measured at fair value on a recurring basis for the nine months ended September 30, 2015 and 2014: Reclassed to Balance at Effect of Additional Balance at December 31, Established in Conversion to Paid-In Change in September 30, Description 2014 2015 Common Stock Capital Fair Value 2015 Derivative liabilities: Embedded conversion options $ 4,362,225 $ - $ - $ - $ (3,965,990) $ 396,235 Stock purchase warrants 25,484,596 - - - (23,282,901) 2,201,695 TOTALS $ 29,846,821 $ $ - $ - $ (27,248,891) $ 2,597,930 Reclassed to Balance at Effect of Additional Balance at December 31, Established in Conversion to Paid-In Change in September 30, Description 2013 2014 Common Stock Capital (1) Fair Value 2014 Derivative liabilities: Embedded conversion options $ 1,515,540 $ 8,825,935 $ (1,932,693) - $ (883,931) $ 7,524,851 Stock purchase warrants 1,733,055 29,137,683 - (1,331,776) 1,042,562 30,581,524 TOTALS $ 3,248,595 $ 37,963,618 $ (1,932,693) $ (1,331,776) $ 158,631 $ 38,106,375 (1) Various warrants were reclassified to additional paid-in capital as a result of the expiration of non-standard anti-dilution clauses contained within the warrants. |
Supplemental Cash Flow Disclo21
Supplemental Cash Flow Disclosures (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Non-cash investing and financing activity for nine months ended September 30, 2015 and 2014 include: 2015 2014 Conversion of convertible debt to common stock $ - $ 3,067,423 Reclassification of the unamortized balance of debt discount and derivative liability, related to the extinguishment and conversion of the subordinated convertible debt, to additional paid-in capital - 2,860,627 Derivative liability created from conversion option embedded in Deerfield convertible credit facility - 8,825,935 Warrants issued in connection with convertible debt and equity facility - 29,137,683 Reclassification of warrant derivative liability to additional paid-in capital as a result of the expiration of non-standard anti-dilution clause contained in warrants - 1,331,776 Issuance of common stock in connection with convertible debt facility - 1,050,000 Accrued property and equipment - 114,494 Common stock issued for settlement of contingency - 39,150 |
Business and Summary of Signi22
Business and Summary of Significant Accounting Principles (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Oct. 31, 2015 | Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Nov. 12, 2015 | Nov. 11, 2015 | Oct. 01, 2015 | |
Allowance for Doubtful Accounts Receivable | $ 70,000 | $ 70,000 | $ 32,000 | ||||||||
Income Tax Expense (Benefit) | $ 4,921 | $ 4,645 | $ 14,688 | $ 13,935 | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 201,168,564 | 224,287,304 | 201,168,564 | 224,287,304 | |||||||
Cash and Cash Equivalents, at Carrying Value, Total | $ 4,053,733 | $ 4,053,733 | 15,946,425 | ||||||||
License and Services Revenue | $ 3,000,000 | ||||||||||
Medical Device Excise Tax Percentage | 2.30% | ||||||||||
Minimum Cash Balance | 5,000,000 | $ 5,000,000 | |||||||||
Inventory Valuation Reserves | 67,000 | 67,000 | 90,000 | ||||||||
Business Exit Costs | $ 400,000 | 695,000 | |||||||||
Impairment of Intangible Assets, Finite-lived | $ 1,000,000 | ||||||||||
Remaining Accrual For Business Exit Costs | 335,000 | 335,000 | |||||||||
Goodwill, Impairment Loss | 1,100,000 | 1,100,000 | |||||||||
Severance Costs | 800,000 | ||||||||||
Deferred Licensing Revenue | 302,000 | $ 302,000 | 302,000 | $ 302,000 | |||||||
Goodwill, Fair Value Disclosure | 0 | 0 | |||||||||
Billed Revenues [Member] | |||||||||||
Deferred Revenue | 182,000 | 182,000 | |||||||||
Licensing Agreements [Member] | |||||||||||
Deferred Revenue | 1,140,000 | $ 1,140,000 | |||||||||
In Process Research and Development [Member] | |||||||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 22,600,000 | $ 3,700,000 | |||||||||
Minimum [Member] | |||||||||||
Property, Plant and Equipment, Useful Life | 2 years | ||||||||||
Inventory Shelf Life | 18 months | ||||||||||
Maximum [Member] | |||||||||||
Property, Plant and Equipment, Useful Life | 5 years | ||||||||||
Inventory Shelf Life | 5 years | ||||||||||
Furniture Lab And Manufacturing Equipment [Member] | Minimum [Member] | |||||||||||
Property, Plant and Equipment, Useful Life | 7 years | ||||||||||
Furniture Lab And Manufacturing Equipment [Member] | Maximum [Member] | |||||||||||
Property, Plant and Equipment, Useful Life | 10 years | ||||||||||
Leasehold Improvements [Member] | Minimum [Member] | |||||||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||||||
Leasehold Improvements [Member] | Maximum [Member] | |||||||||||
Property, Plant and Equipment, Useful Life | 6 years | ||||||||||
Federal Deposit Insurance Corporation [Member] | |||||||||||
Cash, Uninsured Amount | 3,500,000 | $ 3,500,000 | $ 15,500,000 | ||||||||
Deerfield Facility Agreement [Member] | Subsequent Event [Member] | |||||||||||
Minimum Cash Balance | $ 5,000,000 | $ 5,000,000 | |||||||||
Interest Payable, Current | $ 3,290,910 | $ 2,600,000 | |||||||||
Debt Default, Short-term Debt, Description of Violation or Event of Default | Deerfield may declare the principal of, and accrued and unpaid interest on, all of the notes or any part of any of them, immediately due and payable by providing written notice of default to the Company. We are currently negotiating with the lender to modify the Deerfield Facility Agreement to eliminate the provisions that could lead to the declaration by Deerfield of a default, but can provide no assurance that we will be successful in this effort. | ||||||||||
Arthrex [Member] | Accounts Receivable [Member] | |||||||||||
Concentration Risk, Percentage | 49.00% | ||||||||||
Arthrex [Member] | Sales Revenue, Net [Member] | |||||||||||
Concentration Risk, Percentage | 92.00% | 92.00% | |||||||||
Aldagen Inc [Member] | February 2012 [Member] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 422,000 | $ 422,000 | |||||||||
Angel [Member] | April 2010 [Member] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 707,000 | $ 707,000 | |||||||||
UNITED STATES | |||||||||||
Percentage Of Product Sales | 84.00% | ||||||||||
Non-US [Member] | |||||||||||
Percentage Of Product Sales | 13.00% | 50.00% | 16.00% | 30.00% |
Distribution and Licensing Ar23
Distribution and Licensing Arrangements (Details Textual) - USD ($) $ in Millions | Oct. 16, 2015 | Jan. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2015 |
Arthrex [Member] | ||||
Arthrex Distributor And License Agreement [Line Items] | ||||
Product Warranty Expense | $ 0.6 | |||
Other Accrued Liabilities | $ 0.5 | |||
Arthrex [Member] | Subsequent Event [Member] | ||||
Arthrex Distributor And License Agreement [Line Items] | ||||
Subsequent Event, Description | 0 | |||
Millennia Holdings, Inc [Member] | ||||
Arthrex Distributor And License Agreement [Line Items] | ||||
Payments for Terminated Licenses | $ 1.5 | |||
Rohto Pharmaceutical Co., Ltd [Member] | ||||
Arthrex Distributor And License Agreement [Line Items] | ||||
Proceeds from License Fees Received | $ 3 |
Receivables (Details)
Receivables (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Accounts Receivable, Gross, Current | $ 2,295,491 | $ 1,921,796 |
Less allowance for doubtful accounts | (70,111) | (32,469) |
Accounts and Other Receivables, Net, Current | 2,225,380 | 1,889,327 |
Trade Receivables [Member] | ||
Accounts Receivable, Gross, Current | 807,890 | 609,179 |
Other Receivables [Member] | ||
Accounts Receivable, Gross, Current | $ 1,487,601 | $ 1,312,617 |
Goodwill and Other Intangible25
Goodwill and Other Intangible Assets (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Total | $ 7,423,554 | $ 30,036,000 |
Less accumulated amortization | (1,519,512) | (1,288,230) |
Intangible assets, net | 5,904,042 | 28,747,770 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Finite-Lived Intangible Assets, Gross | 1,047,000 | 1,047,000 |
Technology [Member] | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Finite-Lived Intangible Assets, Gross | 2,355,000 | 2,355,000 |
Customer relationships [Member] | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Finite-Lived Intangible Assets, Gross | 708,000 | 708,000 |
In-process research and development [Member] | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract] | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 3,313,554 | $ 25,926,000 |
Goodwill and Other Intangible26
Goodwill and Other Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Goodwill and Other Intangible Assets [Line Items] | |||||
Impairment of Intangible Assets, Finite-lived | $ 1,000,000 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | $ 80,000 | $ 80,000 | |||
Goodwill | 0 | 0 | $ 1,128,517 | ||
Goodwill, Impairment Loss | 1,100,000 | $ 1,100,000 | |||
Maximum [Member] | |||||
Goodwill and Other Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||||
Minimum [Member] | |||||
Goodwill and Other Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 8 years | ||||
Trademarks [Member] | |||||
Goodwill and Other Intangible Assets [Line Items] | |||||
Impairment of Intangible Assets, Finite-lived | 1,000,000 | ||||
Aldagen [Member] | February 2012 [Member] | |||||
Goodwill and Other Intangible Assets [Line Items] | |||||
Goodwill, Acquired During Period | $ 422,000 | ||||
Angel [Member] | April 2010 [Member] | |||||
Goodwill and Other Intangible Assets [Line Items] | |||||
Goodwill, Acquired During Period | 707,000 | ||||
General and Administrative Expense [Member] | |||||
Goodwill and Other Intangible Assets [Line Items] | |||||
Amortization of Intangible Assets | 113,000 | $ 143,000 | |||
In Process Research and Development [Member] | |||||
Goodwill and Other Intangible Assets [Line Items] | |||||
Goodwill, Impairment Loss | 1,100,000 | ||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 22,600,000 | $ 3,700,000 | |||
Royalty Expense [Member] | |||||
Goodwill and Other Intangible Assets [Line Items] | |||||
Amortization of Intangible Assets | $ 118,000 | $ 118,000 |
Debt and Derivative Liabiliti27
Debt and Derivative Liabilities (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Apr. 30, 2014 | Mar. 31, 2014 | Feb. 28, 2014 | Dec. 31, 2013 | Nov. 30, 2013 | Jul. 31, 2011 | Apr. 30, 2011 | Jun. 30, 2014 | Sep. 30, 2015 | Dec. 31, 2014 | Nov. 12, 2015 | Oct. 01, 2015 | Feb. 28, 2013 | |
Debt Conversion [Line Items] | |||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.52 | ||||||||||||
Debt Discount Convertible Debt | $ 34,800,000 | ||||||||||||
Minimum Cash Balance | $ 5,000,000 | ||||||||||||
Cash and Cash Equivalents, at Carrying Value, Total | $ 4,053,733 | $ 15,946,425 | |||||||||||
Common Stock [Member] | |||||||||||||
Debt Conversion [Line Items] | |||||||||||||
Stock Issued During Period, Shares, Other | 2,709,677 | ||||||||||||
Debt Issuance Cost | $ 1,100,000 | ||||||||||||
Deerfield Facility Agreement [Member] | |||||||||||||
Debt Conversion [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | ||||||||||||
Debt Instrument, Maturity Date | Mar. 31, 2019 | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 97,614,999 | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.52 | ||||||||||||
Equity Raising Transaction Proceeds Percentage Applied For Redemption | 35.00% | ||||||||||||
Put Options Amount Exempt | $ 10,000,000 | ||||||||||||
Debt Instrument, Redemption Price, Percentage | 33.33% | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000,000 | ||||||||||||
Convertible Debt | $ 37,600,000 | ||||||||||||
Minimum Cash Balance | 5,000,000 | ||||||||||||
Interest Payable, Current | $ 2,593,374 | ||||||||||||
Subsequent Event [Member] | Deerfield Facility Agreement [Member] | |||||||||||||
Debt Conversion [Line Items] | |||||||||||||
Convertible Debt | $ 38,300,000 | ||||||||||||
Interest Payable, Current | $ 3,290,910 | $ 2,600,000 | |||||||||||
Subordinated Convertible Notes [Member] | |||||||||||||
Debt Conversion [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | ||||||||||||
Proceeds from Convertible Debt | $ 750,000 | $ 2,250,000 | $ 3,000,000 | ||||||||||
Debt Discount Convertible Debt | $ 2,250,000 | ||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 5,981,859 | ||||||||||||
Percentage In Number Of Shares | 75.00% | ||||||||||||
Exercise Price On Market Price | 125.00% | ||||||||||||
Repayments of Convertible Debt | $ 339,000 | ||||||||||||
Debt Issuance Cost | $ 69,000 | ||||||||||||
JP Nevada Trust 12% Note [Member] | |||||||||||||
Debt Conversion [Line Items] | |||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 750,000 | 1,000,000 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.52 | $ 0.50 | |||||||||||
Repayments of Debt | $ 2,100,000 | ||||||||||||
Related Party Guaranteed Obligations | $ 1,400,000 | ||||||||||||
JP Nevada Trust 12% Note [Member] | Warrant [Member] | |||||||||||||
Debt Conversion [Line Items] | |||||||||||||
Derivative Liability | $ 14,000 | ||||||||||||
JP Nevada Trust 12% Note [Member] | Second Draw [Member] | |||||||||||||
Debt Conversion [Line Items] | |||||||||||||
Debt Issuance Cost | $ 298,000 | ||||||||||||
JP Nevada Trust 12% Note [Member] | Promissory Note [Member] | |||||||||||||
Debt Conversion [Line Items] | |||||||||||||
Secured Debt | $ 2,100,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | ||||||||||||
Debt Instrument, Maturity Date | May 20, 2016 | ||||||||||||
JP Nevada Trust 12% Note [Member] | Guarantee [Member] | |||||||||||||
Debt Conversion [Line Items] | |||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,500,000 | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.50 | ||||||||||||
Debt Issuance Cost | $ 546,000 | ||||||||||||
Midcap Financial LlC [Member] | |||||||||||||
Debt Conversion [Line Items] | |||||||||||||
Secured Debt | $ 4,500,000 | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,079,137 | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.70 | ||||||||||||
Term Loan Commitments | $ 7,500,000 | ||||||||||||
Debt Discount Convertible Debt | 381,000 | $ 568,000 | |||||||||||
Payments of Debt Extinguishment Costs | 330,000 | ||||||||||||
Deferred Issuance Costs | $ 142,000 | ||||||||||||
July Four Percent Convertible Notes [Member] | |||||||||||||
Debt Conversion [Line Items] | |||||||||||||
Secured Debt | $ 1,300,000 | ||||||||||||
Debt Instrument, Convertible, Terms Of Conversion Feature | The July 4% Convertible Notes were scheduled to mature on May 23, 2016 and included a one-time interest charge of 4% due on maturity. The July 4% Convertible Notes (plus accrued interest) converted at the option of the holder, in whole or in part and from time to time, into shares of our common stock at a conversion rate equal to (i) the lesser of $0.80 per share or (ii) 80% of the average of the three lowest closing prices of our common stock for the previous 20 trading days prior to conversion (subject to a floor price of $0.25 per share). | ||||||||||||
July Four Percent Convertible Notes [Member] | Common Stock [Member] | |||||||||||||
Debt Conversion [Line Items] | |||||||||||||
Debt Instrument, Convertible, Conversion Price | $ 0.41 | ||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 347,000 |
Equity and Stock-Based Compen28
Equity and Stock-Based Compensation (Details) | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Class of Warrant or Right, Outstanding | shares | 116,134,682 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.52 |
Stock Purchase Warrants [Member] | |
Class of Warrant or Right, Outstanding | shares | 100,000 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.37 |
Warrant Expiration Date | October15 |
Class of Warrant or Right, Title of Security Warrants or Rights Outstanding | Equity |
Stock Purchase Warrants One [Member] | |
Class of Warrant or Right, Outstanding | shares | 1,488,839 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.60 |
Warrant Expiration Date | April16 |
Class of Warrant or Right, Title of Security Warrants or Rights Outstanding | Equity |
Stock Purchase Warrants Two [Member] | |
Class of Warrant or Right, Outstanding | shares | 916,665 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.50 |
Warrant Expiration Date | April16 |
Class of Warrant or Right, Title of Security Warrants or Rights Outstanding | Equity |
Stock Purchase Warrants Three [Member] | |
Class of Warrant or Right, Outstanding | shares | 20,000 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.40 |
Warrant Expiration Date | June16 |
Class of Warrant or Right, Title of Security Warrants or Rights Outstanding | Equity |
Stock Purchase Warrants Four [Member] | |
Class of Warrant or Right, Outstanding | shares | 136,364 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.66 |
Warrant Expiration Date | February18 |
Class of Warrant or Right, Title of Security Warrants or Rights Outstanding | Equity |
Stock Purchase Warrants Five [Member] | |
Class of Warrant or Right, Outstanding | shares | 6,363,638 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.75 |
Warrant Expiration Date | February18 |
Class of Warrant or Right, Title of Security Warrants or Rights Outstanding | Equity |
Stock Purchase Warrants Six [Member] | |
Class of Warrant or Right, Outstanding | shares | 5,047,461 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.65 |
Warrant Expiration Date | December18 |
Class of Warrant or Right, Title of Security Warrants or Rights Outstanding | Equity |
Stock Purchase Warrants Seven [Member] | |
Class of Warrant or Right, Outstanding | shares | 232,964 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.65 |
Warrant Expiration Date | December18 |
Class of Warrant or Right, Title of Security Warrants or Rights Outstanding | Equity |
Stock Purchase Warrants Eight [Member] | |
Class of Warrant or Right, Outstanding | shares | 2,884,615 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.52 |
Warrant Expiration Date | March19 |
Class of Warrant or Right, Title of Security Warrants or Rights Outstanding | Liability |
Stock Purchase Warrants Nine [Member] | |
Class of Warrant or Right, Outstanding | shares | 1,474,615 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.52 |
Warrant Expiration Date | March19 |
Class of Warrant or Right, Title of Security Warrants or Rights Outstanding | Liability |
Stock Purchase Warrants Ten [Member] | |
Class of Warrant or Right, Outstanding | shares | 3,525,000 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.52 |
Warrant Expiration Date | June19 |
Class of Warrant or Right, Title of Security Warrants or Rights Outstanding | Liability |
Stock Purchase Warrants Eleven [Member] | |
Class of Warrant or Right, Outstanding | shares | 1,079,137 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.70 |
Warrant Expiration Date | February20 |
Class of Warrant or Right, Title of Security Warrants or Rights Outstanding | Equity |
Stock Purchase Warrants Twelve [Member] | |
Class of Warrant or Right, Outstanding | shares | 250,000 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.70 |
Warrant Expiration Date | February20 |
Class of Warrant or Right, Title of Security Warrants or Rights Outstanding | Equity |
Stock Purchase Warrants Thirteen [Member] | |
Class of Warrant or Right, Outstanding | shares | 25,115,384 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.52 |
Warrant Expiration Date | March21 |
Class of Warrant or Right, Title of Security Warrants or Rights Outstanding | Liability |
Stock Purchase Warrants Fourteen [Member] | |
Class of Warrant or Right, Outstanding | shares | 67,500,000 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.52 |
Warrant Expiration Date | June21 |
Class of Warrant or Right, Title of Security Warrants or Rights Outstanding | Liability |
Equity and Stock-Based Compen29
Equity and Stock-Based Compensation (Details 1) - Long Term Incentive Plan [Member] - Equity Incentive Plan [Member] - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Outstanding at January 1, 2015 | 14,205,625 | |
Granted - Shares | 930,132 | |
Exercised - Shares | 0 | |
Forfeited or expired - Shares | (2,396,826) | |
Outstanding at September 30, 2015 | 12,738,931 | 14,205,625 |
Exercisable at September 30, 2015 | 9,167,792 | |
Outstanding Opening Balance - Weighted-Average Exercise Price | $ 0.80 | |
Granted - Weighted - Average Exercise Price | 0.22 | |
Exercised - Weighted-Average Exercise Price | 0 | |
Forfeited or expired - Weighted - Average Exercise Price | 0.65 | |
Outstanding Ending Balance - Weighted-Average Exercise Price | 0.78 | $ 0.80 |
Options Exercisable - Weighted - Average Exercise Price | $ 0.92 | |
Options Outstanding - Weighted Average Remaining Contractual Term | 6 years 6 months | 7 years 2 months 12 days |
Exercisable - Weighted-Average Remaining Contractual Term | 5 years 6 months | |
Outstanding - Aggregate Intrinsic Value | $ 0 | $ 2,000 |
Exercisable - Aggregate Intrinsic Value | $ 0 |
Equity and Stock-Based Compen30
Equity and Stock-Based Compensation (Details 2) - Warrant [Member] - Performance Shares [Member] - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Outstanding at January 1, 2015 - Shares | 1,481,364 | |
Granted - Shares | 0 | |
Exercised - Shares | 0 | |
Forfeited or expired - Shares | (975,000) | |
Outstanding at September 30, 2015 | 506,364 | 1,481,364 |
Exercisable at September 30, 2015 | 506,364 | |
Weighted-Average Exercise Price, Outstanding, Beginning | $ 1.2 | |
Granted - Weighted - Average Exercise Price | 0 | |
Exercised - Weighted - Average Exercise Price | 0 | |
Forfeited or expired - Weighted - Average Exercise Price | 1.5 | |
Weighted-Average Exercise Price, Outstanding, Ending | 0.61 | $ 1.2 |
Exercisable - Weighted - Average Exercise Price | $ 0.61 | |
Outstanding - Weighted-Average Remaining Contractual Term | 2 years 10 months 24 days | 1 year 3 months 18 days |
Exercisable - Weighted-Average Remaining Contractual Term | 2 years 10 months 24 days | |
Outstanding - Aggregate Intrinsic Value | $ 0 | $ 0 |
Exercisable - Aggregate Intrinsic Value | $ 0 |
Equity and Stock-Based Compen31
Equity and Stock-Based Compensation (Details 3) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation | $ 134,603 | $ 390,889 | $ 657,318 | $ 939,478 |
Sales and marketing [Member] | ||||
Share-based Compensation | (36,046) | 62,755 | 83,583 | 101,890 |
Research and development [Member] | ||||
Share-based Compensation | 21,072 | 32,353 | 64,542 | 41,166 |
General and administrative [Member] | ||||
Share-based Compensation | $ 149,577 | $ 295,781 | $ 509,193 | $ 796,422 |
Equity and Stock-Based Compen32
Equity and Stock-Based Compensation (Details Textual) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | 32 Months Ended | |||
Nov. 30, 2014 | Feb. 28, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Sep. 30, 2015 | Jun. 09, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 15,229,267 | 15,229,267 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 4 months 24 days | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.52 | $ 0.52 | |||||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Common Stock, Shares Authorized | 425,000,000 | 425,000,000 | 425,000,000 | 200,000,000 | |||
Authorized Shares, Common And Preferred | 440,000,000 | 440,000,000 | 215,000,000 | ||||
Proceeds From Issuance Of Common Stock | $ 0 | $ 3,666,260 | |||||
Stock Granted, Value, Share-based Compensation, Gross | 170,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 1,200,000 | $ 1,200,000 | |||||
Private Placement [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Proceeds from Issuance of Private Placement | $ 2,000,000 | ||||||
Stock Issued During Period, Shares, New Issues | 3,846,154 | ||||||
Derivative Liability | $ 1,100,000 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.52 | ||||||
Long Term and Equity Incentive Plan [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 10,500,000 | 10,500,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0.22 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 930,132 | ||||||
March 2014 Equity Offering [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Payments of Stock Issuance Costs | $ 136,000 | ||||||
Equity Incentive Plan [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 18,000,000 | 18,000,000 | |||||
Lincoln Park [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Common Stock Capital Shares Reserved For Future Issuance Value | $ 15,000,000 | ||||||
Shares Issuable Under Purchase Agreements | 150,000 | ||||||
Increase In Shares Issuable Under Purchase Agreements | 200,000 | ||||||
Minimum Closing Sale Price Per Share | $ 1 | ||||||
Shares Issued In Private Placement Maximum Percentage | 9.99% | ||||||
Stock Issued During Period, Shares, New Issues | 5,250,000 | ||||||
Additional Shares Issued Or To Be Issued | 375,000 | ||||||
Additional Shares To Be Issued Related To Transaction Fee | 375,000 | ||||||
Additional Shares Issued Related To Transaction Fee | 59,126 | ||||||
Proceeds From Issuance Of Common Stock | $ 1,800,000 | $ 2,400,000 | |||||
Number Of Shares Available To Issue | 4,750,000 | ||||||
Value Of Shares Available To Issue | $ 12,600,000 | ||||||
Condition for Purchase by Accredited Investor Minimum Share Price | 0.45 | ||||||
Aldagen [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Stock Issued During Period, Shares, Other | 1,270,000 | ||||||
Common Stock [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Stock Issued During Period, Shares, Other | 2,709,677 | ||||||
Stock Issued During Period, Value, Other | $ 1,100,000 | ||||||
March 2014 Warrant [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,884,615 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.52 |
Fair Value Measurements and D33
Fair Value Measurements and Disclosures (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment in money market funds | $ 3,412,080 | $ 15,736,350 |
Total investment in money market funds | 3,412,080 | 15,736,350 |
Total derivative liabilities | 2,597,930 | 29,846,821 |
Embedded Derivative Financial Instruments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | 396,235 | 4,362,225 |
Fair Value, Measurements, Recurring [Member] | Stock purchase warrants [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | 2,201,695 | 25,484,596 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment in money market funds | 3,412,080 | 15,736,350 |
Total investment in money market funds | 3,412,080 | 15,736,350 |
Total derivative liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Stock purchase warrants [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Embedded Derivative Financial Instruments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment in money market funds | 0 | 0 |
Total investment in money market funds | 0 | 0 |
Total derivative liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Stock purchase warrants [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Embedded Derivative Financial Instruments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment in money market funds | 0 | 0 |
Total investment in money market funds | 0 | 0 |
Total derivative liabilities | 2,597,930 | 29,846,821 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Stock purchase warrants [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | 2,201,695 | 25,484,596 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Embedded Derivative Financial Instruments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | $ 396,235 | $ 4,362,225 |
Fair Value Measurements and D34
Fair Value Measurements and Disclosures (Details 1) - USD ($) | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Balance | $ 29,846,821 | $ 3,248,595 | |
Established | 0 | 37,963,618 | |
Effect of Conversion to Common Stock | 0 | (1,932,693) | |
Reclassed to Additional Paid-In Capital | 0 | (1,331,776) | [1] |
Change in Fair Value | (27,248,891) | 158,631 | |
Balance | 2,597,930 | 38,106,375 | |
Stock purchase warrants [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Balance | 25,484,596 | 1,733,055 | |
Established | 0 | 29,137,683 | |
Effect of Conversion to Common Stock | 0 | 0 | |
Reclassed to Additional Paid-In Capital | 0 | (1,331,776) | [1] |
Change in Fair Value | (23,282,901) | 1,042,562 | |
Balance | 2,201,695 | 30,581,524 | |
Embedded conversion options [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Balance | 4,362,225 | 1,515,540 | |
Established | 0 | 8,825,935 | |
Effect of Conversion to Common Stock | 0 | (1,932,693) | |
Reclassed to Additional Paid-In Capital | 0 | 0 | [1] |
Change in Fair Value | (3,965,990) | (883,931) | |
Balance | $ 396,235 | $ 7,524,851 | |
[1] | Various warrants were reclassified to additional paid-in capital as a result of the expiration of non-standard anti-dilution clauses contained within the warrants. |
Fair Value Measurements and D35
Fair Value Measurements and Disclosures (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Goodwill, Impairment Loss | $ 1.1 | $ 1.1 | |
Convertible Debt, Fair Value Disclosures | 30 | $ 30 | |
Impairment of Intangible Assets, Finite-lived | $ 1 | ||
Trademarks [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Impairment of Intangible Assets, Finite-lived | 1 | ||
In Process Research and Development [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Goodwill, Impairment Loss | 1.1 | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 22.6 | $ 3.7 |
Supplemental Cash Flow Disclo36
Supplemental Cash Flow Disclosures (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Conversion of convertible debt to common stock | $ 0 | $ 3,067,423 |
Reclassification of the unamortized balance of debt discount and derivative liability, related to the extinguishment and conversion of the subordinated convertible debt, to additional paid-in capital | 0 | 2,860,627 |
Derivative liability created from conversion option embedded in Deerfield convertible credit facility | $ 0 | $ 8,825,935 |
Warrants issued in connection with convertible debt and equity facility | 0 | 29,137,683 |
Reclassification of warrant derivative liability to additional paid-in capital as a result of the expiration of non-standard anti-dilution clause contained in warrants | $ 0 | $ 1,331,776 |
Issuance of common stock in connection with convertible debt facility | 0 | 1,050,000 |
Accrued property and equipment | $ 0 | 114,494 |
Common stock issued for settlement of contingency | $ 39,150 |
Supplemental Cash Flow Disclo37
Supplemental Cash Flow Disclosures (Details Textual) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Interest Paid | $ 730,000 | |
Income Taxes Paid | $ 0 | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details Textual) | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2012USD ($)shares | Sep. 30, 2015USD ($)ashares | Jul. 31, 2009USD ($) | |
Commitments and Contingencies [Line Items] | |||
Revenue, Net | $ 10,000,000 | ||
Common Stock, Shares to be Issued | shares | 325,000 | ||
Common Stock Shares Issuable | shares | 271,000 | ||
Aurix Centrifuges [Member] | |||
Commitments and Contingencies [Line Items] | |||
Purchase Obligation | $ 170,000 | ||
Angel Machines [Member] | |||
Commitments and Contingencies [Line Items] | |||
Purchase Obligation | 280,000 | ||
Angel Disposable Kits [Member] | |||
Commitments and Contingencies [Line Items] | |||
Purchase Obligation | 1,050,000 | ||
December 31, 2018 [Member] | |||
Commitments and Contingencies [Line Items] | |||
Operating Leases, Future Minimum Payments Due | $ 13,000 | ||
Maryland [Member] | Letter of Credit [Member] | |||
Commitments and Contingencies [Line Items] | |||
Debt Instrument, Face Amount | $ 50,000 | ||
Gaithersburg, Maryland [Member] | |||
Commitments and Contingencies [Line Items] | |||
Operating Leases, Area | a | 12,000 | ||
Durham, North Carolina [Member] | |||
Commitments and Contingencies [Line Items] | |||
Operating Leases, Area | a | 16,300 | ||
Durham, North Carolina [Member] | December 31, 2018 [Member] | |||
Commitments and Contingencies [Line Items] | |||
Operating Leases, Future Minimum Payments Due | $ 20,000 | ||
Nashville, Tennessee facility lease [Member] | |||
Commitments and Contingencies [Line Items] | |||
Operating Leases, Future Minimum Payments Due | $ 4,000 | ||
Operating Leases, Area | a | 2,100 | ||
Gaithersburg, Maryland (Lease Facility 1) [Member] | September 2019 [Member] | |||
Commitments and Contingencies [Line Items] | |||
Operating Leases, Future Minimum Payments Due | $ 13,000 | ||
Gaithersburg, Maryland (Lease Facility 2) [Member] | September 2019 [Member] | |||
Commitments and Contingencies [Line Items] | |||
Operating Leases, Future Minimum Payments Due | $ 4,000 |
Subsequent Events (Details Text
Subsequent Events (Details Textual) - USD ($) | 1 Months Ended | |||||
Jan. 31, 2016 | Oct. 19, 2015 | Nov. 12, 2015 | Nov. 11, 2015 | Oct. 01, 2015 | Sep. 30, 2015 | |
Subsequent Event [Line Items] | ||||||
Minimum Cash Balance | $ 5,000,000 | |||||
Subsequent Event [Member] | Aurix Reimbursement [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Subsequent Event, Description | The Aurix™ System reimbursement rate under the Hospital Outpatient Prospective Payment System (HOPPS) for the calendar year 2016 has been published by the Centers for Medicare and Medicaid Services (CMS). Aurix was placed in Ambulatory Payment Classification (APC) 5054 (Level 4 Skin Procedures) and will be reimbursed at a national average rate of $1,411 per application effective January 1, 2016. In the text of the ruling, CMS commented they believe the geometric mean cost of the services underlying Aurix is comparable to the geometric mean cost of APC 5054. This represents an increase of from the effective HOPPS proposed average payment in prior periods, as the national average rate was $430 per treatment in 2015. | |||||
Subsequent Event [Member] | Deerfield Facility Agreement [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Minimum Cash Balance | $ 5,000,000 | $ 5,000,000 | ||||
Modified Minimum Cash Balance | $ 1,750,000 | |||||
Interest Payable, Current | 3,290,910 | $ 2,600,000 | ||||
Convertible Debt | $ 38,300,000 | |||||
Subsequent Event [Member] | Debt Default [Member] | Deerfield Facility Agreement [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 15.75% | |||||
Subsequent Event [Member] | Debt Non-default [Member] | Deerfield Facility Agreement [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | |||||
Subsequent Event [Member] | Arthrex Amended Agreement [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Proceeds from Royalties Received | $ 775,000 |