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þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 84-1318182 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
6725 Mesa Ridge Road, Ste 100, San Diego, CA | 92121 | |
(Address of principal executive offices) | (Zip Code) |
(Registrant’s telephone number, including area code)
Title of each class: | Name of each exchange on which registered: | |
Common Stock, par value $0.001 per share | NYSE Amex |
None
Large accelerated filero | Accelerated filero | Non-accelerated filero | Smaller Reporting Companyþ |
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Exhibit 10.45 | ||||||||
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Exhibit 10.65 | ||||||||
Exhibit 21.1 | ||||||||
Exhibit 23.1 | ||||||||
Exhibit 31.1 | ||||||||
Exhibit 31.2 | ||||||||
Exhibit 32.1 |
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• | reducing the incidence and severity of adverse effects; and |
• | improving their pharmacoeconomics and convenience to healthcare practitioners and patients. |
• | Seek regulatory approval for ANX-530 in the U.S.In December 2009, we submitted an NDA for ANX-530 to the FDA. In March 2010, we announced that we had received a refusal-to-file letter from the FDA. We have requested a face-to-face meeting with the FDA to understand its requirements and define the path to a successful filing of the ANX-530 NDA at the earliest possible time. |
• | Seek regulatory approval for ANX-514 in the U.S.We have assembled an expert team of individuals and contract organizations with highly specific and relevant backgrounds to assist us in evaluating the data from our bioequivalence study of ANX-514. We expect to meet with the FDA in the summer of 2010 to discuss our analyses of the bioequivalence study data. |
• | Establish highly leverageable sales and marketing capabilities in the U.S.The nature of the oncology marketplace in general, and the anticipated target audience for our product candidates in particular, are relatively concentrated. Accordingly, we believe a meaningful portion of the U.S. markets for our product candidates can be accessed through an experienced sales force that targets key constituents of the treatment/product-selection decision-making process. In addition, we will evaluate opportunities to leverage an existing sales force by adding complementary products with a similar target audience. However, we remain receptive to partnering our product candidates in the U.S. if presented with terms that are sufficiently attractive. |
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• | Partner with leading organizations to develop and market ANX-530 and ANX-514 outside the U.S.We plan to draw on the development, regulatory and commercial expertise of other companies in instances where we believe our product candidates would benefit from such expertise. In addition, if we determine that the commercial potential of our product candidates is best realized through an established sales organization, whether within or outside the U.S., we may, and for markets outside the U.S., we plan to, commercialize products for which we obtain regulatory approval through a variety of licensing, collaboration and distribution arrangements with other pharmaceutical and biotechnology companies. For example, in March 2009, we entered into a license agreement with Shin Poong Pharmaceutical Co., Ltd. pursuant to which we granted Shin Poong an exclusive license to make use and sell ANX-514 in South Korea. |
• | Pursue additional indications and commercial opportunities for ANX-530 and ANX-514 independently and through collaborations.We may increase the value of our product candidates by seeking approval for label changes and pursuing other commercial opportunities. For example, we or a future partner may conduct clinical or nonclinical studies that seek to differentiate further ANX-530 and ANX-514 from Navelbine and Taxotere, respectively. |
• | Acquire and develop new and improved formulations of currently marketed products. We may pursue development of novel formulations of other currently approved products, whether for the treatment of cancer or other diseases or conditions, that we believe can be improved, the U.S. markets for which are relatively concentrated and to which we can apply our operational capabilities. |
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• | For ANX-530, vinca alkaloid intravenous emulsion formulation for cancer treatment and any other disease indication. |
• | For ANX-514, docetaxel intravenous emulsion formulation for cancer treatment and any other disease indication. |
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• | the costs of seeking regulatory approval for ANX-530 and ANX-514, including any bioequivalence or clinical studies, process development, scale-up and other manufacturing and stability activities, or other work required to achieve such approval, as well as the timing of such activities and approval; |
• | the timing and terms of any collaborative, licensing and other strategic arrangements that we may establish; |
• | the costs related to developing, acquiring and/or contracting for sales, marketing and distribution capabilities and regulatory compliance capabilities, most immediately with respect to ANX-530; |
• | the extent to which we invest in or acquire new technologies, product candidates, products or businesses; |
• | the scope, prioritization and number of development and/or commercialization programs we pursue and the rate of progress and costs with respect to such programs; |
• | the extent to which we will need to rebuild our workforce, which currently consists of three full-time employees and one part-time employee, and the cost involved in recruiting, training and incentivizing new employees; |
• | the effect of competing technological and market developments; and |
• | the cost involved in establishing, enforcing or defending patent claims and other intellectual property rights. |
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• | delays in reaching agreement on acceptable terms with prospective CROs and contract manufacturing organizations, or CMOs, the terms of which can be subject to extensive negotiation and may vary significantly among different CROs and CMOs; |
• | failures on the part of our CROs and CMOs in developing procedures and protocols or otherwise conducting activities on timeframes requested by us; |
• | changes in regulatory requirements or other standards or guidance relating to nonclinical testing, including testing of pharmaceutical products in animals; |
• | a lack of availability of capacity at our CMOs, or of the component materials, including the API or related materials, including vials and stoppers, necessary to manufacture our product candidates or products; and |
• | unforeseen results of nonclinical testing that require us to amend study or test designs or delay future testing or bioequivalence or clinical trials and related regulatory filings. |
• | obtaining regulatory approval to commence a trial; |
• | identifying appropriate trial sites and reaching agreement on acceptable terms with prospective CROs, trial sites and investigators, the terms of which can be subject to extensive negotiation and may vary significantly among different CROs, trial sites and investigators; |
• | manufacturing sufficient quantities of a product candidate; |
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• | obtaining IRB approval to conduct a trial at a prospective site; |
• | recruiting and enrolling patients to participate in trials for a variety of reasons, including competition from other clinical trials for the same indication as our product candidates and the perception that the design of a trial or the proposed treatment regimen is less beneficial to patients than available alternatives; and |
• | retaining patients who have initiated a trial but may be prone to withdraw due to side effects from the therapy, lack of efficacy or personal issues, or who are lost to further follow-up. |
• | failure to conduct the trial in accordance with regulatory requirements or the trial’s protocol; |
• | inspection of trial operations or trial sites by the FDA or other regulatory authorities resulting in the imposition of a clinical hold; |
• | unforeseen safety issues; or |
• | lack of adequate funding to continue the trial. |
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• | our product’s perceived advantages over existing treatment methods (including relative convenience and ease of administration and prevalence and severity of any adverse side effects); |
• | claims or other information (including limitations or warnings) in our product’s approved labeling; |
• | the resources we devote to marketing our products and restrictions on promotional claims we can make with respect to our products; |
• | reimbursement and coverage policies of government and other third-party payors; |
• | pricing and cost-effectiveness; |
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• | in the U.S., the ability of group purchasing organizations (including distributors and other network providers) to sell our products to their constituencies; |
• | the establishment and demonstration in the medical community of the safety and efficacy of our products and our ability to provide acceptable evidence of safety and efficacy; |
• | availability of alternative treatments; and |
• | the prevalence of off-label substitution of chemically equivalent products or alternative treatments. |
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• | issue warning letters or untitled letters; |
• | impose civil or criminal penalties; |
• | suspend or withdraw regulatory approval; |
• | suspend or terminate any ongoing bioequivalence or clinical trials; |
• | refuse to approve pending applications or supplements to approved applications; |
• | impose restrictions or affirmative obligations on our or our CMO’s operations, including costly new manufacturing requirements; |
• | close the facilities of a CMO; or |
• | seize or detain products or require a product recall. |
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• | regulatory authorities may require the addition of labeling statements, such as a “black box” warning or a contraindication; |
• | regulatory authorities may withdraw their approval of the product; |
• | we may be required to change the way the product is administered, conduct additional clinical trials or change the labeling of the product; and |
• | our reputation may suffer. |
• | obtain and maintain patent protection with respect to our products; |
• | prevent third parties from infringing upon our proprietary rights; |
• | maintain trade secrets; |
• | operate without infringing upon the patents and proprietary rights of others; and |
• | obtain appropriate licenses to patents or proprietary rights held by third parties if infringement would otherwise occur, both in the U.S. and in foreign countries. |
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• | infringement and other intellectual property claims which, with or without merit, may be expensive and time consuming to litigate and may divert our management’s attention from our core business; |
• | substantial damages for infringement, including the potential for treble damages and attorneys’ fees, which we may have to pay if a court decides that the product at issue infringes on or violates the third party’s rights; |
• | a court prohibiting us from selling or licensing the product unless the third party licenses its product rights to us, which it may not be required to do; |
• | if a license is available from the third party, we may have to pay substantial royalties, fees and/or grant cross-licenses to our products; and |
• | redesigning our products or processes so they do not infringe, which may not be possible or may require substantial funds and time. |
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• | our ability to set a price we believe is fair for our products; |
• | our ability to generate revenues or achieve or maintain profitability; |
• | the future revenues and profitability of our potential customers, suppliers and collaborators; and |
• | the availability to us of capital. |
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• | decreased demand for our products; |
• | impairment of our business reputation; |
• | withdrawal of bioequivalence or clinical trial participants; |
• | costs of related litigation; |
• | substantial monetary awards to patients or other claimants; |
• | loss of revenues; and |
• | the inability to commercialize our products and product candidates. |
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• | the level of our financial resources; |
• | announcements of entry into or consummation of a financing or strategic transaction; |
• | changes in the regulatory status of our product candidates, including results of any bioequivalence and clinical trials and other research and development programs; |
• | FDA or international regulatory actions and regulatory developments in the U.S. and foreign countries; |
• | announcements of new products or technologies, commercial relationships or other events (including bioequivalence and clinical trial results and regulatory events and actions) by us or our competitors; |
• | market conditions in the pharmaceutical, biopharmaceutical, specialty pharmaceutical and biotechnology sectors; |
• | developments concerning intellectual property rights generally or those of us or our competitors; |
• | litigation or public concern about the safety of our products or product candidates; |
• | changes in securities analysts’ estimates of our financial performance or deviations in our business and the trading price of our common stock from the estimates of securities analysts; |
• | events affecting any future collaborations, commercial agreements and grants; |
• | fluctuations in stock market prices and trading volumes of similar companies; |
• | sales of large blocks of our common stock, including sales by our executive officers, directors and significant stockholders or pursuant to shelf or resale registration statements that register shares of our common stock that may be sold by certain of our current or future stockholders; |
• | discussion of us or our stock price by the financial and scientific press and in online investor communities; |
• | commencement of delisting proceedings by the NYSE Amex; |
• | additions or departures of key personnel; and |
• | changes in third-party payor reimbursement policies. |
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Common Stock Price | ||||||||||||||||
2009 | 2008 | |||||||||||||||
High | Low | High | Low | |||||||||||||
First Quarter | $ | 0.18 | $ | 0.09 | $ | 0.64 | $ | 0.36 | ||||||||
Second Quarter | $ | 0.22 | $ | 0.11 | $ | 0.54 | $ | 0.33 | ||||||||
Third Quarter | $ | 0.20 | $ | 0.12 | $ | 0.38 | $ | 0.18 | ||||||||
Fourth Quarter | $ | 0.43 | $ | 0.09 | $ | 0.21 | $ | 0.07 |
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• | In October 2008, we completed a work force reduction of nine employees. As a result, we recorded severance-related charges including salary, payroll taxes and health benefits of $403,000, of which approximately $384,000 was recorded in R&D and the remainder in selling, general and administrative, or SG&A. In connection with the October 2008 reduction in workforce, severance-related charges of $244,000 were recorded in the fourth quarter of 2008, $120,000 were recorded in the first quarter of 2009, and the remainder were recorded in the second quarter of 2009. |
• | In January 2009, we completed a work force reduction of six employees. As a result, we recorded severance related charges including salary, payroll taxes and health benefits of $193,000, of which $96,000 was recorded in R&D and the remainder in SG&A. In connection with the January 2009 reduction in workforce, severance-related charges of $144,000 were recorded in the first quarter of 2009 and the remainder were recorded in the second quarter of 2009. |
• | In April 2009, we completed a work force reduction of nine employees. As a result, we recorded severance-related charges including salary, payroll taxes and health benefits of $190,000, of which $128,000 was recorded in R&D and the remainder in SG&A. In connection with the April 2009 reduction in workforce, severance-related charges of $114,000 were recorded in the first quarter of 2009 and the remainder were recorded in the second quarter of 2009. |
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• | the number and location of sites included in trials and the rate of site approval for the trial; |
• | the rates of patient recruitment and enrollment; |
• | the ratio of randomized to evaluable patients; |
• | the availability and cost of reference product in the jurisdiction of each site; |
• | the time and cost of process development activities related to our product candidates; |
• | the costs of manufacturing our product candidates; |
• | the time and cost of stability studies, including the need to identify critical parameters, methods to evaluate and test these parameters and validation of such methods and tests; and |
• | the costs, requirements, timing of and the ability to secure regulatory approvals. |
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Operating Expenses | ||||||||
Years Ended | ||||||||
December 31, | ||||||||
2009 | 2008 | |||||||
Research and development | 56 | % | 64 | % | ||||
Selling, general and administrative | 43 | % | 35 | % | ||||
Depreciation and amortization | 1 | % | 1 | % | ||||
Total operating expenses | 100 | % | 100 | % | ||||
January 1, 2005 | ||||||||||||
Years Ended | through | |||||||||||
December 31, | December 31, | |||||||||||
2009 | 2008 | 2009 | ||||||||||
External bioequivalence and clinical trial fees and expenses | $ | 603,097 | $ | 3,373,865 | $ | 23,802,576 | ||||||
External nonclinical study fees and expenses (1) | 5,083,474 | 10,585,695 | 24,028,948 | |||||||||
Personnel costs | 779,510 | 3,237,158 | 10,290,698 | |||||||||
Stock-based compensation expense | 41,569 | 725,465 | 2,925,730 | |||||||||
Total | $ | 6,507,650 | $ | 17,922,183 | $ | 61,047,952 | ||||||
(1) | External nonclinical study fees and expenses include preclinical, research-related manufacturing, quality assurance and regulatory expenses. |
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Increase | ||||||||||||
December 31, | (Decrease) | December 31, | ||||||||||
2009 | During 2009 | 2008 | ||||||||||
Cash | $ | 8,667,404 | $ | (1,182,500 | ) | $ | 9,849,904 | |||||
Net working capital | $ | 6,618,807 | $ | 883,288 | $ | 5,735,519 |
Year Ended | Change | Year Ended | ||||||||||
December 31, | Between | December 31, | ||||||||||
2009 | Periods | 2008 | ||||||||||
Net cash used in operating activities | $ | (12,616,416 | ) | $ | 11,171,188 | $ | (23,787,604 | ) | ||||
Net cash provided by investing activities | 16,000 | (18,840,769 | ) | 18,856,769 | ||||||||
Net cash provided by financing activities | 11,417,916 | 11,417,916 | — | |||||||||
Net decrease in cash | $ | (1,182,500 | ) | $ | (3,748,335 | ) | $ | (4,930,835 | ) | |||
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Name | Age | Position/Committee Membership* | Director Since | |||
Michael M. Goldberg | 51 | Audit Committee and Compensation Committee (chair) | 2004 | |||
Odysseas D. Kostas | 35 | Audit Committee | 2010 | |||
Jack Lief | 63 | Chair of the Board, Audit Committee (chair) and Compensation Committee | 2006 | |||
Mark J. Pykett | 45 | Nominating & Governance Committee (chair) | 2004 | |||
Eric K. Rowinsky | 53 | Nominating & Governance Committee | 2008 |
* | Each of the directors served in the capacity set forth in the table for all of 2009, except Dr. Kostas who was appointed to the board and the audit committee in February 2010. Dr. Pykett served on the audit committee during 2009 and until February 2010. |
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Name | Age | Position | ||
Brian M. Culley | 38 | Chief Executive Officer | ||
Patrick L. Keran | 38 | President and Chief Operating Officer |
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Summary Compensation Table | ||||||||||||||||||||||||||||||||||||
Non-Equity | Nonqualified | |||||||||||||||||||||||||||||||||||
Stock | Option | Incentive Plan | Deferred | All Other | ||||||||||||||||||||||||||||||||
Awards | Awards | Compensation | Compensation | Compensation | ||||||||||||||||||||||||||||||||
Name and Principal Position | Year | Salary | Bonus | (1) | (2) | (3) | Earnings | (4) | Total | |||||||||||||||||||||||||||
Brian M. Culley | 2009 | $ | 316,817 | — | $ | 0 | $ | 215,900 | $ | 225,000 | — | $ | 962 | (5) | $ | 758,679 | ||||||||||||||||||||
Chief Executive Officer | 2008 | $ | 262,500 | — | — | $ | 102,160 | — | — | $ | 14,398 | $ | 379,058 | |||||||||||||||||||||||
Patrick L. Keran | 2009 | $ | 290,781 | — | $ | 0 | $ | 215,900 | $ | 225,000 | — | $ | 6,154 | $ | 737,835 | |||||||||||||||||||||
President and | 2008 | $ | 231,000 | — | — | $ | 102,160 | — | — | $ | 14,233 | $ | 347,393 | |||||||||||||||||||||||
Chief Operating Officer | ||||||||||||||||||||||||||||||||||||
Michele L. Yelmene | 2009 | $ | 102,834 | — | $ | 0 | — | — | — | $ | 94,829 | (7) | $ | 197,663 | ||||||||||||||||||||||
Former Vice President, | 2008 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | |||||||||||||||||||||||||||
Regulatory Affairs and Quality (6) |
(1) | The amounts in this column represent the grant date fair value of a restricted stock unit award granted to each of the named executive officers on January 30, 2009, calculated in accordance with the provisions of FASB ASC Topic 718. Mr. Culley received 1,200,000 restricted stock units, Mr. Keran received 850,000 restricted stock units and Ms. Yelmene received 450,000 restricted stock units. Vesting and settlement of the restricted stock unit awards were conditioned upon our consummation of a strategic transaction. The grant date fair value of zero for each of these awards is based on our assessment that achievement of the vesting condition was not probable (assessed as of the grant date). Assuming 100% probability of meeting the vesting condition, the value of the restricted stock unit awards as of the grant date would have been $108,000 for Mr. Culley, $76,500 for Mr. Keran, and $40,500 for Ms. Yelmene. The restricted stock unit awards granted to Mr. Culley and Mr. Keran were forfeited by them and cancelled in July 2009 and the restricted stock unit award granted to Ms. Yelmene was also cancelled in July 2009 in connection with the termination of her employment. As a result of these cancellations, the officers have not and will not receive any compensation or pecuniary value from these restricted stock unit awards. | |
(2) | The amounts in this column represent the aggregate grant date fair value of option awards granted to the named executive officers in 2009 and 2008, respectively, calculated in accordance with the provisions of FASB ASC Topic 718. For a description of the assumptions used to calculate the grant date fair value of the option awards granted in 2009, see Note 7 of the Notes to Consolidated Financial Statements contained in this report. For a description of the assumptions used to calculate the grant date fair value of the option awards granted in 2008, see Note 8 of the Notes to Consolidated Financial Statements contained in our annual report on Form 10-K for the year ended December 31, 2008. | |
(3) | We paid the amounts set forth in this column pursuant to the terms of our 2009 mid-year incentive plan. See “Narrative to Summary Compensation Table — Short-term Non-equity Incentive Plan and Employment Retention and Severance Arrangements” below for a description of the material terms of our 2009 mid-year incentive plan. | |
(4) | Except as otherwise indicated, the amounts in this column consist of (a) matching contributions made pursuant to our tax-qualified 401(k) plan and (b) premiums paid for life insurance policies for the benefit of our executives. | |
(5) | Consists only of the premiums paid for life insurance policies for the benefit of Mr. Culley. | |
(6) | Ms. Yelmene’s employment with us ended on July 1, 2009. She has served as a consultant to us since her employment ended pursuant to a consulting agreement, the material terms of which are described below under “Narrative to Summary Compensation Table — Consulting Arrangements with Michele Yelmene.” Compensation information for Ms. Yelmene for 2008 is not included because she was not a 2008 named executive officer. | |
(7) | Consists of (a) matching contributions pursuant to our 401(k) plan of $4,746, (b) life insurance premiums of $238, (c) accrued vacation benefits paid in connection with termination of employment of $30,220, and (d) consulting fees earned of $59,625. |
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Outstanding Equity Awards at Fiscal Year-End for Fiscal Year 2009 | ||||||||||||||||||||||||||||||||||||
Option Awards | Stock Awards | |||||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||||||
Incentive | ||||||||||||||||||||||||||||||||||||
Plan | ||||||||||||||||||||||||||||||||||||
Equity | Awards: | |||||||||||||||||||||||||||||||||||
Incentive | Market | |||||||||||||||||||||||||||||||||||
Equity | Plan | or Payout | ||||||||||||||||||||||||||||||||||
Incentive | Market | Awards: | Value of | |||||||||||||||||||||||||||||||||
Plan | Value of | Number of | Unearned | |||||||||||||||||||||||||||||||||
Awards: | Number | Shares | Unearned | Shares, | ||||||||||||||||||||||||||||||||
Number of | Number of | Number of | of Shares | or Units | Shares, | Units or | ||||||||||||||||||||||||||||||
Securities | Securities | Securities | of Units | of Stock | Units or | Other | ||||||||||||||||||||||||||||||
Underlying | Underlying | Underlying | of Stock | That | Other | Rights | ||||||||||||||||||||||||||||||
Unexercised | Unexercised | Unexercised | Option | That | Have | Rights | That | |||||||||||||||||||||||||||||
Options | Options | Unearned | Exercise | Option | Have Not | Not | That Have | Have Not | ||||||||||||||||||||||||||||
(#) | (#) | Options | Price | Expiration | Vested | Vested | Not Vested | Vested | ||||||||||||||||||||||||||||
Name | Exercisable | Unexercisable | (#) | ($) | Date | (#) | ($) | (#) | ($) | |||||||||||||||||||||||||||
Brian M. Culley | 100,000 | — | — | $ | 2.30 | 7/13/2015 | — | — | — | — | ||||||||||||||||||||||||||
78,333 | (1) | 1,667 | (1) | — | $ | 4.75 | 1/30/2016 | — | — | — | — | |||||||||||||||||||||||||
109,375 | (2) | 40,625 | (2) | — | $ | 2.75 | 1/11/2017 | — | — | — | — | |||||||||||||||||||||||||
40,000 | (3) | 160,000 | (3) | — | $ | 0.54 | 3/30/2018 | — | — | — | — | |||||||||||||||||||||||||
— | 1,700,000 | (4) | — | $ | 0.13 | 7/20/2019 | — | — | — | — | ||||||||||||||||||||||||||
Patrick L. Keran | 83,333 | (5) | 16,667 | (5) | — | $ | 2.99 | 8/17/2016 | — | — | — | — | ||||||||||||||||||||||||
36,457 | (2) | 13,543 | (2) | — | $ | 2.75 | 1/11/2017 | — | — | — | — | |||||||||||||||||||||||||
40,000 | (3) | 160,000 | (3) | — | $ | 0.54 | 3/30/2018 | — | — | — | — | |||||||||||||||||||||||||
— | 1,700,000 | (4) | — | $ | 0.13 | 7/20/2019 | — | — | — | — | ||||||||||||||||||||||||||
Michele L. Yelmene | — | — | — | — | — | — | — | — | — |
(1) | Subject to accelerated vesting in the event of a change in control, as described below under “Acceleration of Vesting of Stock Options Granted Under 2005 Equity Incentive Plan,” this option vested and became exercisable with respect to 1/4 of the total underlying shares on January 1, 2007 and vests and becomes exercisable with respect to 1/48 of the total underlying shares at the end of each successive calendar month thereafter. | |
(2) | Subject to accelerated vesting in the event of a change in control or an involuntary termination within 24 months of a change in control, as described below under “Acceleration of Vesting of Stock Options Granted Under 2005 Equity Incentive Plan,” this option vested and became exercisable with respect to 1/4 of the total underlying shares subject to the option on January 1, 2008 and vests and becomes exercisable with respect to 1/48 of the total underlying shares at the end of each successive month thereafter. | |
(3) | Subject to accelerated vesting in the event of a change in control or an involuntary termination within 24 months of a change in control, as described below under “Acceleration of Vesting of Stock Options Granted Under 2005 Equity Incentive Plan,” this option vested and became exercisable with respect to 1/5 of the total underlying shares on each of January 1, 2009 and January 1, 2010, and vests and becomes exercisable with respect to 1/5 of the total underlying shares on each of January 1, 2011, January 1, 2012 and January 1, 2013. | |
(4) | Subject to accelerated vesting in the event of a change in control or an involuntary termination, as described above under “Narrative Disclosure to Summary Compensation Table — 2009 Stock Option Awards,” this option vested and became exercisable with respect to 1/4 of the total underlying shares on January 1, 2010 and vests and becomes exercisable with respect to 1/4 of the total underlying shares on each of January 1, 2011, January 1, 2012 and January 1, 2013. | |
(5) | Subject to accelerated vesting in the event of a change in control or an involuntary termination within 24 months of a change in control, as described below under “Acceleration of Vesting of Stock Options Granted Under 2005 Equity Incentive Plan,” this option vested and became exercisable with respect to 1/4 of the total underlying shares subject to the option on August 7, 2007 and vests and becomes exercisable with respect to 1/48 of the total underlying shares at the end of each successive month thereafter. |
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Nonqualified | ||||||||||||||||||||||||||||
Non-Equity | Deferred | |||||||||||||||||||||||||||
Fees Earned or | Stock | Incentive Plan | Compensation | All Other | ||||||||||||||||||||||||
Name | Paid in Cash | Awards | Option Awards | Compensation | Earnings | Compensation | Total | |||||||||||||||||||||
Mark N.K. Bagnall(1) | $ | 6,495 | — | — | — | — | $ | 191,952 | (2) | $ | 198,447 | |||||||||||||||||
Alexander J. Denner(3) | $ | 11,902 | — | — | — | — | — | $ | 11,902 | |||||||||||||||||||
Michael M. Goldberg | $ | 32,500 | — | — | — | — | — | $ | 32.500 | |||||||||||||||||||
Jack Lief | $ | 54,000 | — | — | — | — | — | $ | 54,000 | |||||||||||||||||||
Mark J. Pykett | $ | 32,500 | — | — | — | — | — | $ | 32,500 | |||||||||||||||||||
Eric K. Rowinsky | $ | 26,500 | — | — | — | — | $ | 1,050 | (4) | $ | 27,550 |
(1) | Mr. Bagnall resigned from our board of directors effective August 24, 2009. His resignation was not due to a disagreement with us on any matter relating to our operations, policies or practices. | |
(2) | This amount consists of (a) a severance payment of $165,500, (b) a severance-related health benefit allowance of $18,352, and (c) consulting fees of $8,100. See “Separation and Consulting Services Agreements with Mark N.K. Bagnall” below for a description of our employment separation and consulting agreements with Mr. Bagnall. | |
(3) | Dr. Denner resigned from our board of directors and the compensation committee effective October 16, 2009. His resignation was not due to a disagreement with us on any matter relating to our operations, policies or practices. | |
(4) | This amount represents fees earned for consulting services provided to us under a consulting agreement with Dr. Rowinsky. See “Consulting Services Agreement with Eric K. Rowinsky” below for a description of our consulting services agreement with Dr. Rowinsky. |
Chairperson | Member | |||||||
Board of Directors | $ | 6,250 | $ | 2,500 | ||||
Audit Committee | $ | 5,000 | $ | 2,500 | ||||
Compensation Committee | $ | 2,500 | $ | 1,250 | ||||
Nominating and Governance Committee | $ | 2,500 | $ | 1,250 | ||||
Research and Development Committee | $ | 2,500 | $ | 1,250 |
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Chairperson | Member | |||||||
Board of Directors | $ | 10,000 | * | $ | 5,000 | |||
Audit Committee | $ | 1,875 | $ | — | ||||
Compensation Committee | $ | 875 | $ | — | ||||
Nominating and Governance Committee | $ | 875 | $ | — | ||||
Research and Development Committee** | $ | 875 | $ | — |
* | If, in the future, our board of directors appoints a lead independent director, such director’s quarterly retainer would be $10,000 per quarter. | |
** | The research and development committee was disbanded by our board of directors in March 2010. |
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Beneficial | Percent of | |||||||
Name and Address of Beneficial Owner (1)(2) | Ownership (3) | Class | ||||||
Michael M. Goldberg(4) | 337,110 | * | ||||||
Odysseas D. Kostas(5) | 22,221 | * | ||||||
Jack Lief(6) | 238,888 | * | ||||||
Mark J. Pykett(7) | 296,888 | * | ||||||
Eric K. Rowinsky(8) | 188,888 | * | ||||||
Brian M. Culley(9) | 806,875 | * | ||||||
Patrick L. Keran(10) | 637,290 | * | ||||||
Michele L. Yelmene | — | * | ||||||
All directors and executive officers as a group (7 persons) (11) | 2,528,160 | 1 | % |
* | Less than 1% | |
(1) | Unless otherwise indicated, the address of each of the listed persons is c/o ADVENTRX Pharmaceuticals, Inc., 6725 Mesa Ridge Road, Suite 100, San Diego, CA 92121. | |
(2) | We do not know of any person or group of persons that holds 5% or more of our common stock as of the Evaluation Date. | |
(3) | Beneficial ownership of shares is determined in accordance with the rules of the SEC and generally includes any shares over which a person exercises sole or shared voting or investment power, or of which a person has the right to acquire ownership within 60 days of the Evaluation Date. Except as otherwise noted, each person or entity has sole voting and investment power with respect to the shares shown. Unless otherwise noted, none of the shares shown as beneficially owned on this table are subject to pledge. In calculating the percentage ownership of each person identified in the table, shares underlying options held by that person that are either currently exercisable or exercisable within 60 days of the Evaluation Date are deemed outstanding. These shares, however, are not deemed outstanding for the purposes of computing the percentage ownership of any other individual or entity. Percentage ownership for each person is based on the number of shares of our common stock outstanding as of the Evaluation Date, together with the applicable number of shares of common stock subject to options currently exercisable or exercisable within 60 days of the Evaluation Date for that person or group of persons. | |
(4) | Consists of (a) 311,110 shares of common stock subject to options currently exercisable or exercisable within 60 days of the Evaluation Date and (b) 26,000 shares of common stock held directly by Dr. Goldberg. | |
(5) | Consists of 22,221 shares of common stock subject to options currently exercisable or exercisable within 60 days of the Evaluation Date. | |
(6) | Consists of 238,888 shares of common stock subject to options currently exercisable or exercisable within 60 days of the Evaluation Date. | |
(7) | Consists of (a) 288,888 shares of common stock subject to options currently exercisable or exercisable within 60 days of the Evaluation Date and (b) 8,000 shares of common stock held by Dr. Pykett and his spouse, as joint tenants. | |
(8) | Consists of 188,888 shares of common stock subject to options currently exercisable or exercisable within 60 days of the Evaluation Date. | |
(9) | Consists of 806,875 shares of common stock subject to options currently exercisable or exercisable within 60 days of the Evaluation Date. | |
(10) | Consists of 637,290 shares of common stock subject to options currently exercisable or exercisable within 60 days of the Evaluation Date. | |
(11) | Includes 2,494,160 shares of common stock subject to options currently exercisable or exercisable within 60 days of the Evaluation Date. |
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Number of Securities | ||||||||||||
Remaining Available | ||||||||||||
for Future Issuance | ||||||||||||
Number of Securities | Weighted-Average | Under Equity | ||||||||||
to be Issued Upon | Exercise Price of | Compensation Plans | ||||||||||
Exercise of | Outstanding | (excluding securities | ||||||||||
Outstanding Options, | Options, Warrants | reflected in | ||||||||||
Plan Category | Warrants and Rights | and Rights | column (a)) | |||||||||
(a) | (b) | (c) | ||||||||||
Equity Compensation Plans Approved by Security Holders: | ||||||||||||
2008 Omnibus Incentive Plan(1) | 3,650,000 | $ | 0.15 | 14,383,656 | ||||||||
2005 Equity Incentive Plan(1) | 2,209,000 | $ | 1.88 | 0 | ||||||||
2005 Employee Stock Purchase Plan(2) | 0 | $ | — | 3,923,634 | ||||||||
Equity Compensation Plans Not Approved by Security Holders: | — | — | — | |||||||||
Total | 5,859,000 | $ | 0.80 | 18,307,290 | ||||||||
(1) | In May 2008, our stockholders approved our 2008 Omnibus Incentive Plan, following which no awards have been or will be granted under our 2005 Equity Incentive Plan and no automatic increase will occur to the maximum number of shares that may be issued pursuant to our 2005 Equity Incentive Plan. However, our 2005 Equity Incentive Plan will continue to govern any outstanding awards previously granted under that plan. In addition, if, after December 31, 2007, any shares of our common stock subject to an award under our 2005 Equity Incentive Plan are forfeited, expire or are settled for cash pursuant to the terms of an award, we may use the shares subject to the award for awards under our 2008 Omnibus Incentive Plan to the extent of the forfeiture, expiration or settlement. The shares of common stock will be added back as one share for every one share of common stock forfeited, expired or settled for cash if the shares were subject to options or stock appreciation rights granted under our 2005 Equity Incentive Plan and as 1.2 shares for every one share of common stock forfeited, expired or settled for cash if the shares were subject to awards other than options or stock appreciation rights granted under our 2005 Equity Incentive Plan. | |
(2) | Our 2005 Employee Stock Purchase Plan contains a provision for an automatic increase in the number of shares available for grant on the first day of each fiscal year beginning in 2006 and on each anniversary of that date thereafter equal to the lesser of (i) one percent of the number of outstanding shares of our common stock on such day, (ii) 750,000 and (iii) such other amount as our board of directors may specify prior to the date such annual increase is to take effect. |
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2008 | 2009 | |||||||
Audit Fees (1) | $ | 188,779 | $ | 217,000 | ||||
Audit-Related Fees (2) | 14,500 | 8,339 | ||||||
Tax Fees | — | — | ||||||
All Other Fees | — | — | ||||||
Total | $ | 203,279 | $ | 225,339 | ||||
(1) | “Audit Fees” represent fees for professional services provided in connection with the audit of our annual financial statements (including the audit of internal controls over financial reporting under Section 404 of the Sarbanes Oxley Act, if conducted), review of our quarterly financial statements, review of our registration statements on Forms S-3 and S-1, and related services normally provided in connection with statutory and regulatory filings and engagements. | |
(2) | “Audit-Related Fees” consist primarily of assurance and related services that are reasonably related to the performance of the annual audit or review of our financial statements. During 2008 and 2009, such fees were incurred for consultation in responding to SEC staff comments regarding our financial statements as of and for the year ended December 31, 2007 and our internal control over financial reporting. |
(a) | Documents Filed. The following documents are filed as part of this report: |
(1) | Financial Statements. The following report of J.H. Cohn LLP and financial statements: |
• | Report of J.H. Cohn LLP, Independent Registered Public Accounting Firm |
• | Consolidated Balance Sheets as of December 31, 2009 and 2008 |
• | Consolidated Statements of Operations for the years ended December 31, 2009 and 2008 and from inception through December 31, 2009 |
• | Consolidated Statements of Stockholders’ Equity (Deficit) and Comprehensive Loss from inception through December 31, 2009 |
• | Consolidated Statements of Cash Flows for the years ended December 31, 2009 and 2008 and from inception through December 31, 2009 |
• | Notes to Consolidated Financial Statements |
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(2) | Financial Statement Schedules. See subsection (c) below. |
(3) | Exhibits. See subsection (b) below. |
(b) | Exhibits. |
Exhibit | Description | |||
2.1 | (1) | Agreement and Plan of Merger, dated April 7, 2006, among the registrant, Speed Acquisition, Inc., SD Pharmaceuticals, Inc. and certain individuals named therein (including exhibits thereto) | ||
3.1 | (2) | Amended and Restated Certificate of Incorporation of the registrant | ||
3.2 | (3) | Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the registrant dated October 5, 2009 | ||
3.3 | (4) | Certificate of Designation of Preferences, Rights and Limitations of 0% Series A Convertible Preferred Stock | ||
3.4 | (5) | Certificate of Designation of Preferences, Rights and Limitations of 5% Series B Convertible Preferred Stock | ||
3.5 | (6) | Certificate of Designation of Preferences, Rights and Limitations of 5% Series C Convertible Preferred Stock | ||
3.6 | (7) | Certificate of Designation of Preferences, Rights and Limitations of 4.25660% Series D Convertible Preferred Stock | ||
3.7 | (8) | Certificate of Designation of Preferences, Rights and Limitations of 3.73344597664961% Series E Convertible Preferred Stock | ||
3.8 | (9) | Amended and Restated Bylaws of the registrant (formerly known as Biokeys Pharmaceuticals, Inc.) | ||
10.1 | (10) | Securities Purchase Agreement, dated July 21, 2005, among the registrant and the Purchasers (as defined therein) | ||
10.2 | (10) | Rights Agreement, dated July 27, 2005, among the registrant, the Icahn Purchasers and Viking (each as defined therein) | ||
10.3 | (11) | First Amendment to Rights Agreement, dated September 22, 2006, among the registrant and the Icahn Purchasers (as defined therein) | ||
10.4 | (12) | Second Amendment to Rights Agreement, dated February 25, 2008, among the registrant and the Icahn Purchasers (as defined therein) | ||
10.5 | (13) | Third Amendment to Rights Agreement, dated August 26, 2009, among the registrant and Icahn Purchasers (as defined therein) | ||
10.6 | (10) | Form of $2.26 Common Stock Warrant issued on July 27, 2005 to Icahn Partners LP, Icahn Partners Master Fund LP, High River Limited Partnership, Viking Global Equities LP and VGE III Portfolio Ltd. | ||
10.7 | (10) | Form of $2.26 Common Stock Warrant issued on July 27, 2005 to North Sound Legacy Institutional Fund LLC and North Sound Legacy International Ltd. | ||
10.8 | (4) | Engagement Letter Agreement, dated June 7, 2009, by and between the registrant and Rodman & Renshaw, LLC | ||
10.9 | (4) | Securities Purchase Agreement, date June 8, 2009, governing the issuance and sale of the registrant’s 0% Series A Convertible Preferred Stock | ||
10.10 | (4) | Form of Common Stock Purchase Warrant issued on June 12, 2009 by the registrant to the purchasers of the registrant’s 0% Series A Convertible Preferred Stock and to Rodman & Renshaw, LLC | ||
10.11 | (5) | Engagement Letter Agreement, dated June 26, 2009, by and between the registrant and Rodman & Renshaw, LLC |
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Exhibit | Description | |||
10.12 | (5) | Securities Purchase Agreement, dated June 29, 2009, governing the issuance and sale of the registrant’s 5% Series B Convertible Preferred Stock | ||
10.13 | (5) | Form of Common Stock Purchase Warrant issued on July 6, 2009 by the registrant to Rodman & Renshaw, LLC | ||
10.14 | (6) | Engagement Letter Agreement, dated August 4, 2009, by and between the registrant and Rodman & Renshaw, LLC | ||
10.15 | (6) | Securities Purchase Agreement, dated August 5, 2009, governing the issuance and sale of the registrant’s 5% Series C Convertible Preferred Stock | ||
10.16 | (6) | Form of Common Stock Purchase Warrant issued on August 10, 2009 by the registrant to Rodman & Renshaw, LLC | ||
10.17 | (14) | Engagement Letter Agreement, dated September 24, 2009, by and between the registrant and Rodman & Renshaw, LLC | ||
10.18 | (7) | Engagement Letter Agreement, dated September 29, 2009, by and between the registrant and Rodman & Renshaw, LLC | ||
10.19 | (7) | Form of Securities Purchase Agreement, dated October 6, 2009, governing the issuance and sale of the registrant’s 4.25660% Series D Convertible Preferred Stock | ||
10.20 | (7) | Form of Common Stock Purchase Warrant issued on October 9, 2009 by the registrant to the purchasers of the registrant’s 4.25660% Series D Convertible Preferred Stock and to Rodman & Renshaw, LLC | ||
10.21 | (8) | Engagement Letter Agreement, dated January 3, 2010, by and between the registrant and Rodman & Renshaw, LLC | ||
10.22 | (8) | Securities Purchase Agreement, dated as of January 4, 2010, governing the issuance and sale of the registrant’s 3.73344597664961% Series E Convertible Preferred Stock | ||
10.23 | (8) | Form of Common Stock Purchase Warrant issued on January 7, 2010 by the registrant to the purchasers of the registrant’s 3.73344597664961% Series E Convertible Preferred Stock and to Rodman & Renshaw, LLC | ||
10.24 | #(15) | 2005 Equity Incentive Plan | ||
10.25 | #(16) | Form of Stock Option Agreement under the 2005 Equity Incentive Plan | ||
10.26 | #(17) | Form of Stock Option Agreement under the 2005 Equity Incentive Plan (for director option grants beginning in 2008) | ||
10.27 | #(18) | Form of Stock Option Agreement under the 2005 Equity Incentive Plan (for option grants to employees approved in March 2008) | ||
10.28 | #(2) | Form of Restricted Share Award Agreement under the 2005 Equity Incentive Plan | ||
10.29 | #(19) | 2008 Omnibus Incentive Plan | ||
10.30 | #(20) | Form of Notice of Grant of Restricted Stock Units under the 2008 Omnibus Incentive Plan (for grants to employees in January 2009) | ||
10.31 | #(20) | Form of Restricted Stock Units Agreement under the 2008 Omnibus Incentive Plan | ||
10.32 | #(21) | Form of Non-Statutory Stock Option Grant Agreement (for directors) under the 2008 Omnibus Incentive Plan | ||
10.33 | #(21) | Form of Non-Statutory/Incentive Stock Option Grant Agreement (for consultants/employees) under the 2008 Omnibus Incentive Plan |
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Exhibit | Description | |||
10.34 | #(22) | Form of Incentive Stock Option Grant Agreement under the 2008 Omnibus Incentive Plan (for grant to Brian M. Culley in July 2009) | ||
10.35 | #(22) | Form of Incentive Stock Option Grant Agreement under the 2008 Omnibus Incentive Plan (for grant to Patrick L. Keran in July 2009) | ||
10.36 | #(23) | Form of letter, dated January 20, 2010, modifying options granted to Brian M. Culley and Patrick L. Keran in July 2009 | ||
10.37 | #(23) | Form of Incentive Stock Option Grant Agreement under the 2008 Omnibus Incentive Plan (for grant to Brian M. Culley in January 2010) | ||
10.38 | #(23) | Form of Incentive Stock Option Grant Agreement under the 2008 Omnibus Incentive Plan (for grant to Patrick L. Keran in January 2010) | ||
10.39 | (17) | License Agreement, dated December 10, 2005, among SD Pharmaceuticals, Latitude Pharmaceuticals and Andrew Chen, including a certain letter, dated November 20, 2007, clarifying the scope of rights thereunder | ||
10.40 | †(24) | License Agreement, dated March 25, 2009, among the registrant, SD Pharmaceuticals, Inc. and Shin Poong Pharmaceutical Co., Ltd. | ||
10.41 | (25) | Standard Multi-Tenant Office Lease — Gross, dated June 3, 2004, between the registrant and George V. Casey & Ellen M. Casey, Trustees of the Casey Family Trust dated June 22, 1998 | ||
10.42 | (2) | First Amendment to the Standard Multi-Tenant Office Lease — Gross, dated June 3, 2004 between the registrant and George V. & Ellen M. Casey, Trustees of the Casey Family Trust dated June 22, 1998 | ||
10.43 | (26) | Second Amendment to Standard Mutli-Tenant Officer Lease — Gross, dated July 22, 2009, by and among Westcore Mesa View, LLC, DD Mesa View LLC and the registrant | ||
10.44 | (27) | Third Amendment to Standard Multi-Tenant Office Lease — Gross, dated December 10, 2009, by and among Westcore Mesa View, LLC, DD Mesa View, LLC and the registrant | ||
10.45 | Fourth Amendment to Standard Multi-Tenant Office Lease — Gross, dated February 4, 2010, by and among Westcore Mesa View, LLC, DD Mesa View, LLC and the registrant | |||
10.46 | #(28) | Confidential Separation Agreement and General Release of All Claims, effective December 4, 2008, between the registrant and Joan M. Robbins | ||
10.47 | #(17) | Letter agreement regarding terms of separation with James A. Merritt, effective as of February 12, 2008 | ||
10.48 | #(29) | Letter Agreement regarding terms of separation with Gregory P. Hanson, dated April 2, 2008 | ||
10.49 | #(29) | Consulting Agreement, dated April 2, 2008, with Gregory P. Hanson | ||
10.50 | #(21) | Offer letter, dated April 1, 2008, to Mark N.K. Bagnall (including Exhibits A, B and C thereto) | ||
10.51 | #(24) | Confidential Separation Agreement and General Release of All Claims, effective January 8, 2009, and Consulting Agreement, dated December 31, 2008, between the registrant and Mark N.K. Bagnall | ||
10.52 | #(30) | Consulting Agreement, dated August 24, 2009, with Mark N.K. Bagnall | ||
10.53 | #(28) | Confidential Separation Agreement and General Release of All Claims, effective December 31, 2008, between the registrant and Evan M. Levine, including letter, dated November 7, 2008, related thereto | ||
10.54 | #(31) | Offer letter, dated November 15, 2004, to Brian M. Culley | ||
10.55 | #(20) | Retention and Incentive Agreement, dated January 28, 2009 between the registrant and Brian M. Culley |
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Exhibit | Description | |||
10.56 | #(24) | Retention and Incentive Agreement, dated January 28, 2009, between the registrant and Patrick L. Keran | ||
10.57 | #(24) | Retention and Incentive Agreement, dated January 28, 2009, between the registrant and Mark E. Erwin | ||
10.58 | #(24) | Retention and Incentive Agreement, dated January 28, 2009, between the registrant and Michele L. Yelmene | ||
10.59 | # | Consulting Agreement, effective as of July 15, 2009, and Amendment to Consulting Agreement, effective as of December 31, 2009, between the registrant and Michele L. Yelmene | ||
10.60 | #(22) | 2009 Mid-Year Incentive Plan for Brian M. Culley and Patrick L. Keran | ||
10.61 | #(22) | Retention and Severance Plan (as of July 21, 2009) for Brian M. Culley and Patrick L. Keran | ||
10.62 | #(23) | 2010 Incentive Plan for Brian M. Culley and Patrick L. Keran | ||
10.63 | # | Consulting Agreement, effective as of November 23, 2009, between the registrant and Eric K. Rowinsky | ||
10.64 | #(32) | Director Compensation Policy, adopted June 21, 2006 | ||
10.65 | # | Director Compensation Policy, adopted January 25, 2010 | ||
10.66 | (33) | Form of Director and Officer Indemnification Agreement | ||
21.1 | List of Subsidiaries | |||
23.1 | Consent of J.H. Cohn LLP, Independent Registered Public Accounting Firm | |||
31.1 | Certification of principal executive officer pursuant to Rule 13a-14(a)/15d-14(a) | |||
31.2 | Certification of principal financial officer pursuant to Rule 13a-14(a)/15d-14(a) | |||
32.1 | ± | Certification of principal executive officer and principal financial officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
† | Indicates that confidential treatment has been requested or granted to certain portions, which portions have been omitted and filed separately with the SEC | |
# | Indicates management contract or compensatory plan | |
± | These certifications are being furnished solely to accompany this report pursuant to 18 U.S.C. 1350, and are not being filed for purposes of Section 18 of the Securities Exchange Act of 1934 and are not to be incorporated by reference into any filing of the registrant, whether made before or after the date hereof, regardless of any general incorporation by reference language in such filing. | |
(1) | Filed with the registrant’s Amendment No. 1 to Current Report on Form 8-K/A on May 1, 2006 (SEC file number 001-32157-06796248) | |
(2) | Filed with the registrant’s Annual Report on Form 10-K on March 16, 2006 (SEC file number 001-32157-06693266) | |
(3) | Filed with the registrant’s Current Report on Form 8-K on October 13, 2009 (SEC file number 001-32157-091115090) | |
(4) | Filed with the registrant’s Current Report on Form 8-K on June 8, 2009 (SEC file number 001-32157-09878961) |
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(5) | Filed with the registrant’s Current Report on Form 8-K on June 30, 2009 (SEC file number 001-32157-09917820) | |
(6) | Filed with the registrant’s Current Report on Form 8-K on August 5, 2009 (SEC file number 001-32157-09989205) | |
(7) | Filed with the registrant’s Amendment No. 3 to the Registration Statement on Form S-1 on October 5, 2009 (SEC file number 333-160778-091107945) | |
(8) | Filed with the registrant’s Current Report on Form 8-K on January 4, 2010 (SEC file number 001-32157- 10500379) | |
(9) | Filed with the registrant’s Current Report on Form 8-K on December 15, 2008 (SEC file number 001-32157-081249921) | |
(10) | Filed with the registrant’s Quarterly Report on Form 10-Q on August 12, 2005 (SEC file number 001-32157-051022046) | |
(11) | Filed with the registrant’s Current Report on Form 8-K on September 22, 2006 (SEC file number 001-32157-061103268) | |
(12) | Filed with the registrant’s Current Report on Form 8-K on February 25, 2008 (SEC file number 001-32157 08638638) | |
(13) | Filed with the registrant’s Current Report on Form 8-K on September 1, 2009 (SEC file number 001-32157-091049161) | |
(14) | Filed with the registrant’s Amendment No. 2 to the Registration Statement on Form S-1 on September 25, 2009 (SEC file number 333-160778-091087750) | |
(15) | Filed with the registrant’s Annual Report on Form 10-K on March 15, 2007 (SEC file number 001-32157-07697283) | |
(16) | Filed with the registrant’s Registration Statement on Form S-8 on July 13, 2005 (SEC file number 333-126551-05951362) | |
(17) | Filed with registrant’s Annual Report on Form 10-K on March 17, 2008 (SEC file number 001-32157-08690952) | |
(18) | Filed with the registrant’s Quarterly Report on Form 10-Q on May 12, 2008 (SEC file number 001-32157-08820541) | |
(19) | Filed with the registrant’s Current Report on Form 8-K on June 2, 2008 (SEC file number 001-32157-08874724) | |
(20) | Filed with the registrant’s Current Report on Form 8-K on February 2, 2009 (SEC file number 001-32157- 09561715) | |
(21) | Filed with the registrant’s Quarterly Report on Form 10-Q on August 11, 2008 (SEC file number 001-32157-081005744) | |
(22) | Filed with the registrant’s Current Report on Form 8-K on July 22, 2009 (SEC file number 001-32157-09957353) | |
(23) | Filed with the registrant’s Current Report on Form 8-K on January 26, 2010 (SEC file number 001-32157- 10547818) | |
(24) | Filed with the registrant’s Quarterly Report on Form 10-Q on May 15, 2009 (SEC file number 001-32157-09878961) | |
(25) | Filed with the registrant’s Quarterly Report on Form 10-QSB on August 10, 2004 (SEC file number 001-32157-04963741) | |
(26) | Filed with the registrant’s Current Report on Form 8-K on August 20, 2009 (SEC file number 001-32157-091025631) | |
(27) | Filed with the registrant’s Current Report on Form 8-K on December 24, 2009 (SEC file number 001-32157-091260100) |
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(28) | Filed with the registrant’s Annual Report on Form 10-K on March 27, 2009 (SEC file number 001-32157-09708145) | |
(29) | Filed with the registrant’s Current Report on Form 8-K on April 16, 2008 (SEC file number 001-32157-08760483) | |
(30) | Filed with the registrant’s Current Report on Form 8-K on August 28, 2009 (SEC file number 001-32157-091043396) | |
(31) | Filed with the registrant’s Annual Report on Form 10-KSB on March 31, 2005 (SEC file number 001-32157-05719975) | |
(32) | Filed with the registrant’s Current Report on Form 8-K on June 23, 2006 (SEC file number 001-32157-06922676) | |
(33) | Filed with the registrant’s Current Report on Form 8-K on October 23, 2006 (SEC file number 001-32157-061156993) |
(c) | Financial Statement Schedules. All schedules are omitted because they are not applicable, the amounts involved are not significant or the required information is shown in the financial statements or notes thereto. |
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Table of Contents
Date: March 18, 2010 | ADVENTRX Pharmaceuticals, Inc. | |||
By: | /s/ Brian M. Culley | |||
Brian M. Culley | ||||
Chief Executive Officer |
Signature | Title | Date | ||
/s/ Brian M. Culley | Chief Executive Officer (Principal Executive Officer) | March 18, 2010 | ||
/s/ Patrick L. Keran | President and Chief Operating Officer (Principal Financial and Accounting Officer) | March 18, 2010 | ||
/s/ Jack Lief | Chair of the Board | March 18, 2010 | ||
/s/ Michael M. Goldberg | Director | March 18, 2010 | ||
/s/ Odysseas D. Kostas | Director | March 18, 2010 | ||
/s/ Mark J. Pykett | Director | March 18, 2010 | ||
/s/ Eric K. Rowinsky | Director | March 18, 2010 |
-80-
Table of Contents
Page | ||
F-2 | ||
Financial Statements: | ||
F-3 | ||
F-4 | ||
F-5 – F-10 | ||
F-11 – F-12 | ||
F-13 – F-33 | ||
Financial Statement Schedules: | ||
Financial statement schedules have been omitted for the reason that the required information is presented in financial statements or notes thereto, the amounts involved are not significant or the schedules are not applicable. |
F-1
Table of Contents
ADVENTRX Pharmaceuticals, Inc.
March 18, 2010
F-2
Table of Contents
(A Development Stage Enterprise)
December 31, | ||||||||
2009 | 2008 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash | $ | 8,667,404 | $ | 9,849,904 | ||||
Interest and other receivables | 14,841 | 121,736 | ||||||
Prepaid expenses | 290,249 | 477,902 | ||||||
Total current assets | 8,972,494 | 10,449,542 | ||||||
Property and equipment, net | 44,210 | 199,052 | ||||||
Other assets | 10,513 | 60,664 | ||||||
Total assets | $ | 9,027,217 | $ | 10,709,258 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 385,358 | $ | 1,721,376 | ||||
Accrued liabilities | 1,379,010 | 2,077,188 | ||||||
Accrued compensation and payroll taxes | 589,319 | 915,459 | ||||||
Total current liabilities | 2,353,687 | 4,714,023 | ||||||
Commitments and contingencies | ||||||||
Stockholders’ equity: | ||||||||
0% Series A Convertible Preferred Stock, $0.001 par value, 1,993 shares authorized; 1,993 shares issued and 0 shares outstanding as of December 31, 2009 and 0 shares issued and outstanding as of December 31, 2008 | — | — | ||||||
5% Series B Convertible Preferred Stock, $0.001 par value, 1,361 shares authorized; 1,361 shares issued and 0 shares outstanding as of December 31, 2009 and 0 shares issued and outstanding as of December 31, 2008 | — | — | ||||||
5% Series C Convertible Preferred Stock, $0.001 par value, 922 shares authorized; 922 shares issued and 0 shares outstanding as of December 31, 2009 and 0 shares issued and outstanding as of December 31, 2008 | — | — | ||||||
4.25660% Series D Convertible Preferred Stock, $0.001 par value, 11,283 shares authorized; 11,283 shares issued and 0 shares outstanding as of December 31, 2009 and 0 shares issued and outstanding as of December 31, 2008 | — | — | ||||||
Common stock, $0.001 par value; 500,000,000 shares authorized and 205,285,265 shares issued and outstanding at December 31, 2009; 200,000,000 shares authorized and 90,252,572 shares issued and outstanding at December 31, 2008 | 205,286 | 90,254 | ||||||
Additional paid-in capital | 148,506,647 | 131,751,439 | ||||||
Deficit accumulated during the development stage | (142,038,403 | ) | (125,846,458 | ) | ||||
Total stockholders’ equity | 6,673,530 | 5,995,235 | ||||||
Total liabilities and stockholders’ equity | $ | 9,027,217 | $ | 10,709,258 | ||||
F-3
Table of Contents
(A Development Stage Enterprise)
Inception | ||||||||||||
(June 12, 1996) | ||||||||||||
Through | ||||||||||||
Years Ended December 31, | December 31, | |||||||||||
2009 | 2008 | 2009 | ||||||||||
Licensing revenue | $ | 300,000 | $ | 500,000 | $ | 1,300,000 | ||||||
Net sales | — | — | 174,830 | |||||||||
Grant revenue | — | — | 129,733 | |||||||||
Total net revenue | 300,000 | 500,000 | 1,604,563 | |||||||||
Cost of sales | — | — | 51,094 | |||||||||
Gross margin | 300,000 | 500,000 | 1,553,469 | |||||||||
Operating expenses: | ||||||||||||
Research and development | 6,507,650 | 17,922,183 | 68,522,205 | |||||||||
Selling, general and administrative | 4,998,307 | 9,719,613 | 47,967,510 | |||||||||
Depreciation and amortization | 79,728 | 168,039 | 10,877,798 | |||||||||
In-process research and development | — | — | 10,422,130 | |||||||||
Impairment loss — write-off of goodwill | — | — | 5,702,130 | |||||||||
Equity in loss of investee | — | — | 178,936 | |||||||||
Total operating expenses | 11,585,685 | 27,809,835 | 143,670,709 | |||||||||
Loss from operations | (11,285,685 | ) | (27,309,835 | ) | (142,117,240 | ) | ||||||
Loss on fair value of warrants | — | — | (12,239,688 | ) | ||||||||
Interest income | 7,162 | 549,964 | 4,589,188 | |||||||||
Interest expense | — | — | (179,090 | ) | ||||||||
Other income (expense) | (46,535 | ) | 112,378 | 65,845 | ||||||||
Loss before income taxes | (11,325,058 | ) | (26,647,493 | ) | (149,880,985 | ) | ||||||
Provision for income taxes | — | — | — | |||||||||
Loss before cumulative effect of change in accounting principle | (11,325,058 | ) | (26,647,493 | ) | (149,880,985 | ) | ||||||
Cumulative effect of change in accounting principle | — | — | (25,821 | ) | ||||||||
Net loss | (11,325,058 | ) | (26,647,493 | ) | (149,906,806 | ) | ||||||
Preferred stock dividends | — | — | (621,240 | ) | ||||||||
Deemed dividends on preferred stock | (4,866,887 | ) | — | (4,866,887 | ) | |||||||
Net loss applicable to common stock | $ | (16,191,945 | ) | $ | (26,647,493 | ) | $ | (155,394,933 | ) | |||
Loss per common share — basic and diluted | $ | (0.14 | ) | $ | (0.30 | ) | ||||||
Weighted average shares outstanding — basic and diluted | 116,678,997 | 90,252,572 | ||||||||||
F-4
Table of Contents
(A Development Stage Enterprise)
Deficit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative convertible | Convertible | Cumulative convertible | Accumulated | accumulated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
preferred stock, | preferred stock, | preferred stock, | Additional | other | during the | Treasury | stockholders’ | |||||||||||||||||||||||||||||||||||||||||||||||||
series A through C | series A (2009) | series B through D (2009) | Common stock | paid-in | comprehensive | development | stock, | equity | Comprehensive | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | capital | income (loss) | stage | at cost | (deficit) | loss | |||||||||||||||||||||||||||||||||||||||||||
Balances at June 12, 1996 (date of incorporation) | — | $ | — | — | $ | — | — | $ | — | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Sale of common stock without par value | — | — | — | — | — | — | 503 | 5 | 5 | — | — | — | 10 | |||||||||||||||||||||||||||||||||||||||||||
Change in par value of common stock | — | — | — | — | — | — | — | (4 | ) | 4 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock and net liabilities assumed in acquisition | — | — | — | — | — | — | 1,716,132 | 1,716 | 3,224 | — | (18,094 | ) | — | (13,154 | ) | |||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | — | — | — | — | — | — | 2,010,111 | 2,010 | 456 | — | (2,466 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | — | (259,476 | ) | — | (259,476 | ) | $ | (259,476 | ) | ||||||||||||||||||||||||||||||||||||||
Balances at December 31, 1996 | — | — | — | — | — | — | 3,726,746 | 3,727 | 3,689 | — | (280,036 | ) | — | (272,620 | ) | $ | (259,476 | ) | ||||||||||||||||||||||||||||||||||||||
Sale of common stock, net of offering costs of $9,976 | — | — | — | — | — | — | 1,004,554 | 1,004 | 1,789,975 | — | — | — | 1,790,979 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in acquisition | — | — | — | — | — | — | 375,891 | 376 | 887,874 | — | — | — | 888,250 | |||||||||||||||||||||||||||||||||||||||||||
Minority interest deficiency at acquisition charged to the Company | — | — | — | — | — | — | — | — | — | — | (45,003 | ) | — | (45,003 | ) | |||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | — | (1,979,400 | ) | — | (1,979,400 | ) | $ | (1,979,400 | ) | ||||||||||||||||||||||||||||||||||||||
Balances at December 31, 1997 | — | — | — | — | — | — | 5,107,191 | 5,107 | 2,681,538 | — | (2,304,439 | ) | — | 382,206 | $ | (1,979,400 | ) | |||||||||||||||||||||||||||||||||||||||
Rescission of acquisition | — | — | — | — | — | — | (375,891 | ) | (376 | ) | (887,874 | ) | — | 561,166 | — | (327,084 | ) | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock at conversion of notes payable | — | — | — | — | — | — | 450,264 | 451 | 363,549 | — | — | — | 364,000 | |||||||||||||||||||||||||||||||||||||||||||
Expense related to stock warrants issued | — | — | — | — | — | — | — | — | 260,000 | — | — | — | 260,000 | |||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | — | (1,204,380 | ) | — | (1,204,380 | ) | $ | (1,204,380 | ) | ||||||||||||||||||||||||||||||||||||||
Balances at December 31, 1998 | — | — | — | — | — | — | 5,181,564 | 5,182 | 2,417,213 | — | (2,947,653 | ) | — | (525,258 | ) | $ | (1,204,380 | ) | ||||||||||||||||||||||||||||||||||||||
Sale of common stock | — | — | — | — | — | — | 678,412 | 678 | 134,322 | — | — | — | 135,000 | |||||||||||||||||||||||||||||||||||||||||||
Expense related to stock warrants issued | — | — | — | — | — | — | — | — | 212,000 | — | — | — | 212,000 | |||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | — | (1,055,485 | ) | — | (1,055,485 | ) | $ | (1,055,485 | ) | ||||||||||||||||||||||||||||||||||||||
Balances at December 31, 1999 | — | — | — | — | — | — | 5,859,976 | 5,860 | 2,763,535 | — | (4,003,138 | ) | — | (1,233,743 | ) | $ | (1,055,485 | ) | ||||||||||||||||||||||||||||||||||||||
Sale of preferred stock, net of offering costs of $76,500 | 3,200 | 32 | — | — | — | — | — | — | 3,123,468 | — | — | — | 3,123,500 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock at conversion of notes and interest payable | — | — | — | — | — | — | 412,487 | 412 | 492,085 | — | — | — | 492,497 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock at conversion of notes payable | — | — | — | — | — | — | 70,354 | 70 | 83,930 | — | — | — | 84,000 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock to settle obligations | — | — | — | — | — | — | 495,111 | 496 | 1,201,664 | — | — | — | 1,202,160 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for acquisition | — | — | — | — | — | — | 6,999,990 | 7,000 | 9,325,769 | — | — | — | 9,332,769 |
F-5
Table of Contents
(A Development Stage Enterprise)
Consolidated Statements of Stockholders’ Equity (Deficit) and Comprehensive Loss
Inception (June 12, 1996) Through December 31, 2009
Deficit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative convertible | Convertible | Cumulative convertible | Accumulated | accumulated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
preferred stock, | preferred stock, | preferred stock, | Additional | other | during the | Treasury | stockholders’ | |||||||||||||||||||||||||||||||||||||||||||||||||
series A through C | series A (2009) | series B through D (2009) | Common stock | paid-in | comprehensive | development | stock, | equity | Comprehensive | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | capital | income (loss) | Stage | at cost | (deficit) | loss | |||||||||||||||||||||||||||||||||||||||||||
Issuance of warrants for acquisition | — | $ | — | — | $ | — | — | $ | — | — | $ | — | $ | 4,767,664 | $ | — | $ | — | $ | — | $ | 4,767,664 | ||||||||||||||||||||||||||||||||||
Stock issued for acquisition costs | — | — | — | — | — | — | 150,000 | 150 | 487,350 | — | — | — | 487,500 | |||||||||||||||||||||||||||||||||||||||||||
Expense related to stock warrants issued | — | — | — | — | — | — | — | — | 140,000 | — | — | — | 140,000 | |||||||||||||||||||||||||||||||||||||||||||
Dividends payable on preferred stock | — | — | — | — | — | — | — | — | (85,000 | ) | — | — | — | (85,000 | ) | |||||||||||||||||||||||||||||||||||||||||
Cashless exercise of warrants | — | — | — | — | — | — | 599,066 | 599 | (599 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | — | (3,701,084 | ) | — | (3,701,084 | ) | $ | (3,701,084 | ) | ||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2000 | 3,200 | 32 | — | — | — | — | 14,586,984 | 14,587 | 22,299,866 | — | (7,704,222 | ) | — | 14,610,263 | $ | (3,701,084 | ) | |||||||||||||||||||||||||||||||||||||||
F-6
Table of Contents
(A Development Stage Enterprise)
Consolidated Statements of Stockholders’ Equity (Deficit) and Comprehensive Loss
Inception (June 12, 1996) Through December 31, 2009
Deficit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative convertible | Convertible | Cumulative convertible | Accumulated | accumulated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
preferred stock, | preferred stock, | preferred stock, | Additional | other | during the | Treasury | stockholders’ | |||||||||||||||||||||||||||||||||||||||||||||||||
series A through C | series A (2009) | series B through D (2009) | Common stock | paid-in | comprehensive | development | stock, | equity | Comprehensive | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | capital | income (loss) | stage | at cost | (deficit) | loss | |||||||||||||||||||||||||||||||||||||||||||
Dividends payable on preferred stock | — | $ | — | — | $ | — | — | $ | — | — | $ | — | $ | (256,000 | ) | $ | — | $ | — | $ | — | $ | (256,000 | ) | ||||||||||||||||||||||||||||||||
Repurchase of warrants | — | — | — | — | — | — | — | — | (55,279 | ) | — | — | — | (55,279 | ) | |||||||||||||||||||||||||||||||||||||||||
Sale of warrants | — | — | — | — | — | — | — | — | 47,741 | — | — | — | 47,741 | |||||||||||||||||||||||||||||||||||||||||||
Cashless exercise of warrants | — | — | — | — | — | — | 218,493 | 219 | (219 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock to pay preferred dividends | — | — | — | — | — | — | 93,421 | 93 | 212,907 | — | — | — | 213,000 | |||||||||||||||||||||||||||||||||||||||||||
Detachable warrants issued with notes payable | — | — | — | — | — | — | — | — | 450,000 | — | — | — | 450,000 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of warrants to pay operating expenses | — | — | — | — | — | — | — | — | 167,138 | — | — | — | 167,138 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock to pay operating expenses | — | — | — | — | — | — | 106,293 | 106 | 387,165 | — | — | — | 387,271 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of preferred stock to pay operating expenses | 137 | 1 | — | — | — | — | — | — | 136,499 | — | — | — | 136,500 | |||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | — | (16,339,120 | ) | — | (16,339,120 | ) | $ | (16,339,120 | ) | ||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2001 | 3,337 | 33 | — | — | — | — | 15,005,191 | 15,005 | 23,389,818 | — | (24,043,342 | ) | — | (638,486 | ) | $ | (16,339,120 | ) | ||||||||||||||||||||||||||||||||||||||
Dividends payable on preferred stock | — | — | — | — | — | — | — | — | (242,400 | ) | — | — | — | (242,400 | ) | |||||||||||||||||||||||||||||||||||||||||
Repurchase of warrants | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Sale of warrants | — | — | — | — | — | — | 240,000 | 240 | 117,613 | — | — | — | 117,853 | |||||||||||||||||||||||||||||||||||||||||||
Cashless exercise of warrants | — | — | — | — | — | — | 100,201 | 100 | (100 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Exercise of warrants | — | — | — | — | — | — | 344,573 | 345 | 168,477 | — | — | — | 168,822 | |||||||||||||||||||||||||||||||||||||||||||
Sale of preferred stock at $1.50 per share | 200,000 | 2,000 | — | — | — | — | — | — | 298,000 | — | — | — | 300,000 | |||||||||||||||||||||||||||||||||||||||||||
Sale of preferred stock at $10.00 per share | 70,109 | 701 | — | — | — | — | — | — | 700,392 | — | — | — | 701,093 | |||||||||||||||||||||||||||||||||||||||||||
Conversion of preferred stock into common stock | (3,000 | ) | (30 | ) | — | — | — | — | 1,800,000 | 1,800 | (1,770 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends forgiven | — | — | — | — | — | — | — | — | 335,440 | — | — | — | 335,440 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of warrants to pay operating expenses | — | — | — | — | — | — | — | — | 163,109 | — | — | — | 163,109 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock to pay operating expenses | — | — | — | — | — | — | 6,292 | 6 | 12,263 | — | — | — | 12,269 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of preferred stock to pay operating expenses | 136 | 1 | — | — | — | — | — | — | 6,000 | — | — | — | 6,001 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of stock options to employees | — | — | — | — | — | — | — | — | 329,296 | — | — | — | 329,296 | |||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | — | (2,105,727 | ) | — | (2,105,727 | ) | $ | (2,105,727 | ) | ||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2002 | 270,582 | 2,705 | — | — | — | — | 17,496,257 | 17,496 | 25,276,138 | — | (26,149,069 | ) | — | (852,730 | ) | $ | (2,105,727 | ) | ||||||||||||||||||||||||||||||||||||||
F-7
Table of Contents
(A Development Stage Enterprise)
Consolidated Statements of Stockholders’ Equity (Deficit) and Comprehensive Loss
Inception (June 12, 1996) Through December 31, 2009
Deficit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative convertible | Convertible | Cumulative convertible | Accumulated | accumulated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
preferred stock, | preferred stock, | preferred stock, | Additional | other | during the | Treasury | stockholders’ | |||||||||||||||||||||||||||||||||||||||||||||||||
series A through C | series A (2009) | series B through D (2009) | Common stock | paid-in | comprehensive | development | stock, | equity | Comprehensive | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | capital | income (loss) | stage | at cost | (deficit) | loss | |||||||||||||||||||||||||||||||||||||||||||
Dividends payable on preferred stock | — | $ | — | — | $ | — | — | $ | — | — | $ | — | (37,840 | ) | $ | — | $ | — | $ | — | (37,840 | ) | ||||||||||||||||||||||||||||||||||
Conversion of Series C preferred stock into common stock | (70,109 | ) | (701 | ) | — | — | — | — | 14,021,860 | 14,022 | (13,321 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Issuance of common stock to pay interest on Bridge Notes | — | — | — | — | — | — | 165,830 | 165 | 53,326 | — | — | — | 53,491 | |||||||||||||||||||||||||||||||||||||||||||
Sale of common stock at $0.40 per share, net of issuance costs | — | — | — | — | — | — | 6,640,737 | 6,676 | 2,590,656 | — | — | — | 2,597,332 | |||||||||||||||||||||||||||||||||||||||||||
Sale of common stock at $1.00 per share, net of issuance costs | — | — | — | — | — | — | 3,701,733 | 3,668 | 3,989,181 | — | — | — | 3,992,849 | |||||||||||||||||||||||||||||||||||||||||||
Exchange of warrants | — | — | — | — | — | — | 235,291 | 235 | 49,486 | — | — | — | 49,721 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock to pay operating expenses | — | — | — | — | — | — | 230,000 | 230 | 206,569 | — | — | — | 206,799 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of warrants to pay operating expenses | — | — | — | — | — | — | — | — | 156,735 | — | — | — | 156,735 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of stock options to employees | — | — | — | — | — | — | — | — | 286,033 | — | — | — | 286,033 | |||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | — | (2,332,077 | ) | — | (2,332,077 | ) | $ | (2,332,077 | ) | ||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2003 | 200,473 | 2,004 | — | — | — | — | 42,491,708 | 42,492 | 32,556,963 | — | (28,481,146 | ) | — | 4,120,313 | $ | (2,332,077 | ) | |||||||||||||||||||||||||||||||||||||||
Extinguishment of dividends payable on preferred stock | — | — | — | — | — | — | — | — | 72,800 | — | — | — | 72,800 | |||||||||||||||||||||||||||||||||||||||||||
Conversion of Series A cumulative preferred stock | (473 | ) | (4 | ) | — | — | — | — | 236,500 | 236 | (232 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Conversion of Series B preferred stock | (200,000 | ) | (2,000 | ) | — | — | — | — | 200,000 | 200 | 1,800 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Cashless exercise of warrants | — | — | — | — | — | — | 464,573 | 465 | (465 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Exercise of warrants | — | — | — | — | — | — | 23,832 | 23 | 27,330 | — | — | — | 27,353 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of warrants in settlement of a claim | — | — | — | — | — | — | — | — | 86,375 | — | — | — | 86,375 | |||||||||||||||||||||||||||||||||||||||||||
Sale of common stock at $1.50 per share | — | — | — | — | — | — | 10,417,624 | 10,419 | 15,616,031 | — | — | — | 15,626,450 | |||||||||||||||||||||||||||||||||||||||||||
Payment of financing and offering costs | — | — | — | — | — | — | — | — | (1,366,774 | ) | — | — | — | (1,366,774 | ) | |||||||||||||||||||||||||||||||||||||||||
Issuance of stock options to employees | — | — | — | — | — | — | — | — | 524,922 | — | — | — | 524,922 | |||||||||||||||||||||||||||||||||||||||||||
Acquisition of treasury stock | — | — | — | — | — | — | — | — | 34,747 | — | — | (34,747 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | — | (6,701,048 | ) | — | (6,701,048 | ) | $ | (6,701,048 | ) | ||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2004 | — | — | — | — | — | — | 53,834,237 | 53,835 | 47,553,497 | — | (35,182,194 | ) | (34,747 | ) | 12,390,391 | $ | (6,701,048 | ) | ||||||||||||||||||||||||||||||||||||||
F-8
Table of Contents
(A Development Stage Enterprise)
Consolidated Statements of Stockholders’ Equity (Deficit) and Comprehensive Loss
Inception (June 12, 1996) Through December 31, 2009
Deficit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative convertible | Convertible | Cumulative convertible | Accumulated | accumulated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
preferred stock, | preferred stock, | preferred stock, | Additional | other | during the | Treasury | stockholders’ | |||||||||||||||||||||||||||||||||||||||||||||||||
series A through C | series A (2009) | series B through D (2009) | Common stock | paid-in | comprehensive | development | stock, | equity | Comprehensive | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | capital | income (loss) | stage | at cost | (deficit) | loss | |||||||||||||||||||||||||||||||||||||||||||
Net loss | — | $ | — | — | $ | — | — | $ | — | — | $ | — | $ | — | $ | — | $ | (24,782,646 | ) | $ | — | $ | (24,782,646 | ) | $ | (24,782,646 | ) | |||||||||||||||||||||||||||||
Effect of change in fair value of available-for-sale securities | — | — | — | — | — | — | — | — | — | (1,722 | ) | — | — | (1,722 | ) | (1,722 | ) | |||||||||||||||||||||||||||||||||||||||
Par value of shares issued in conjunction with mezzanine financing | — | — | — | — | — | — | 10,810,809 | 10,811 | (10,811 | ) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Cashless exercise of warrants | — | — | — | — | — | — | 149,613 | 149 | (149 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Exercise of warrants | — | — | — | — | — | — | 2,258,703 | 2,259 | 3,071,179 | — | — | — | 3,073,438 | |||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | — | — | 185,000 | 185 | 144,815 | — | — | — | 145,000 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of stock options to employees | — | — | — | — | — | — | — | — | 994,874 | — | — | — | 994,874 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of stock options to non-employee | — | — | — | — | — | — | — | 93,549 | — | — | — | 93,549 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock to vendor | — | — | — | — | — | — | 125,000 | 125 | 258,375 | — | — | — | 258,500 | |||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2005, as restated | — | — | — | — | — | — | 67,363,362 | 67,364 | 52,105,329 | (1,722 | ) | (59,964,840 | ) | (34,747 | ) | (7,828,616 | ) | $ | (24,784,368 | ) | ||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | — | (29,331,773 | ) | — | (29,331,773 | ) | $ | (29,331,773 | ) | ||||||||||||||||||||||||||||||||||||||
Effect of change in fair value of available-for-sale securities | — | — | — | — | — | — | — | — | — | (368 | ) | — | — | (368 | ) | (368 | ) | |||||||||||||||||||||||||||||||||||||||
Cashless exercise of warrants | — | — | — | — | — | — | 420,161 | 420 | (420 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Exercise of warrants, net of financing costs | — | — | — | — | — | — | 5,103,746 | 5,104 | 7,686,486 | — | — | — | 7,691,590 | |||||||||||||||||||||||||||||||||||||||||||
Acquisition of SD Pharmaceuticals. Inc. | — | — | — | — | — | — | 2,099,990 | 2,100 | 10,161,852 | — | — | — | 10,163,952 | |||||||||||||||||||||||||||||||||||||||||||
Sale of common stock at $2.75 per share, net of offering costs | — | — | — | — | — | — | 14,545,000 | 14,545 | 37,055,666 | — | — | — | 37,070,211 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of stock for severance agreement | — | — | — | — | — | — | 60,145 | 60 | 196,614 | — | — | — | 196,674 | |||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | — | — | 92,500 | 93 | 125,658 | — | — | — | 125,751 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock to non-employees | — | — | — | — | — | — | 15,000 | 15 | 68,635 | — | — | — | 68,650 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of stock options to employees | — | — | — | — | — | — | — | — | 1,697,452 | — | — | — | 1,697,452 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of stock options to non-employee | — | — | — | — | — | — | — | — | 104,225 | — | — | — | 104,225 | |||||||||||||||||||||||||||||||||||||||||||
Cancellation of treasury stock shares | — | — | — | — | — | — | (23,165 | ) | (23 | ) | (34,724 | ) | — | — | 34,747 | — | ||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2006, as restated | — | — | — | — | — | — | 89,676,739 | 89,678 | 109,166,773 | (2,090 | ) | (89,296,613 | ) | — | 19,957,748 | $ | (29,332,141 | ) | ||||||||||||||||||||||||||||||||||||||
Cumulative effect of change in accounting principle | — | — | — | — | — | — | — | — | 18,116,751 | — | 12,239,688 | — | 30,356,439 | |||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | — | (22,142,040 | ) | — | (22,142,040 | ) | $ | (22,142,040 | ) | ||||||||||||||||||||||||||||||||||||||
Effect of change in fair value of available-for-sale securities | — | — | — | — | — | — | — | — | — | 4,792 | — | — | 4,792 | 4,792 | ||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | — | — | 575,833 | 576 | 441,040 | — | — | — | 441,616 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of stock options to employees | — | — | — | — | — | — | — | — | 2,414,077 | — | — | — | 2,414,077 |
F-9
Table of Contents
(A Development Stage Enterprise)
Consolidated Statements of Stockholders’ Equity (Deficit) and Comprehensive Loss
Inception (June 12, 1996) Through December 31, 2009
Deficit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative convertible | Convertible | Cumulative convertible | Accumulated | accumulated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
preferred stock, | preferred stock, | preferred stock, | Additional | other | during the | Treasury | stockholders’ | |||||||||||||||||||||||||||||||||||||||||||||||||
series A through C | series A (2009) | series B through D (2009) | Common stock | paid-in | comprehensive | development | stock, | equity | Comprehensive | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | capital | income (loss) | stage | at cost | (deficit) | loss | |||||||||||||||||||||||||||||||||||||||||||
Issuance of stock options to non-employee | — | $ | — | — | $ | — | — | $ | — | — | $ | — | $ | 1,908 | $ | — | $ | — | $ | — | $ | 1,908 | ||||||||||||||||||||||||||||||||||
Balances at December 31, 2007 | — | — | — | — | — | — | 90,252,572 | 90,254 | 130,140,549 | 2,702 | (99,198,965 | ) | — | 31,034,540 | $ | (22,137,248 | ) | |||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | — | (26,647,493 | ) | — | (26,647,493 | ) | $ | (26,647,493 | ) | ||||||||||||||||||||||||||||||||||||||
Effect of change in fair value of available-for-sale securities | — | — | — | — | — | — | — | — | — | (2,702 | ) | — | — | (2,702 | ) | (2,702 | ) | |||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Issuance of stock options to employees | — | — | — | — | — | — | — | — | 1,605,908 | — | — | — | 1,605,908 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of stock options to non-employee | — | — | — | — | — | — | — | — | 4,982 | — | — | — | 4,982 | |||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2008 | — | — | — | — | — | — | 90,252,572 | 90,254 | 131,751,439 | — | (125,846,458 | ) | — | 5,995,235 | $ | (26,650,195 | ) | |||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | — | (11,325,058 | ) | — | (11,325,058 | ) | $ | (11,325,058 | ) | ||||||||||||||||||||||||||||||||||||||
Sale of series A preferred stock, net of offering costs of $389,125 | — | — | 1,993 | 2 | — | — | — | — | 1,735,627 | — | — | — | 1,735,629 | |||||||||||||||||||||||||||||||||||||||||||
Conversion of series A preferred stock into common stock | — | — | (1,993 | ) | (2 | ) | — | — | 18,036,199 | 18,036 | (18,034 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Sale of series B preferred stock, net of offering costs of $247,643 | — | — | — | — | 1,361 | 1 | — | — | 833,030 | — | — | — | 833,031 | |||||||||||||||||||||||||||||||||||||||||||
Conversion of series B preferred stock into common stock | — | — | — | — | (1,361 | ) | (1 | ) | 9,504,189 | 9,504 | (9,503 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Sale of series C preferred stock, net of offering costs of $143,885 | — | — | — | — | 922 | 1 | — | — | 711,198 | — | — | — | 711,199 | |||||||||||||||||||||||||||||||||||||||||||
Conversion of series C preferred stock into common stock | — | — | — | — | (922 | ) | (1 | ) | 7,092,307 | 7,092 | (7,091 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Sale of series D preferred stock, net of offering costs of $1,327,664 | — | — | — | — | 11,283 | 11 | — | — | 5,124,125 | — | — | — | 5,124,136 | |||||||||||||||||||||||||||||||||||||||||||
Conversion of series D preferred stock into common stock | — | — | — | — | (11,283 | ) | (11 | ) | 59,999,998 | 60,000 | (59,989 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Deemed dividend on series A preferred stock | — | — | — | — | — | — | — | — | 1,207,536 | — | (1,207,536 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Deemed dividend on series B preferred stock | — | — | — | — | — | — | — | — | 214,795 | — | (214,795 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Deemed dividend on series C preferred stock | — | — | — | — | — | — | — | — | 186,173 | — | (186,173 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Deemed dividend on series D preferred stock | — | — | — | — | — | — | — | — | 3,258,383 | — | (3,258,383 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Issuance of stock options to employees | — | — | — | — | — | — | — | — | 585,438 | — | — | — | 585,438 | |||||||||||||||||||||||||||||||||||||||||||
Series A warrants exercised | — | — | — | — | — | — | 6,000,000 | 6,000 | 894,000 | — | — | — | 900,000 | |||||||||||||||||||||||||||||||||||||||||||
Series D warrants exercised | — | — | — | — | — | — | 14,400,000 | 14,400 | 2,099,520 | — | — | — | 2,113,920 | |||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2009 | — | $ | — | — | $ | — | — | $ | — | 205,285,265 | $ | 205,286 | $ | 148,506,647 | $ | — | $ | (142,038,403 | ) | $ | — | $ | 6,673,530 | $ | (11,325,058 | ) | ||||||||||||||||||||||||||||||
F-10
Table of Contents
(A Development Stage Enterprise)
Inception | ||||||||||||
(June 12, 1996) | ||||||||||||
Through | ||||||||||||
Years Ended December 31, | December 31, | |||||||||||
2009 | 2008 | 2009 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net loss | $ | (11,325,058 | ) | $ | (26,647,493 | ) | $ | (149,906,807 | ) | |||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||
Depreciation and amortization | 79,728 | 168,039 | 10,427,799 | |||||||||
(Gain)/loss on disposal of fixed assets | 59,114 | (3,598 | ) | 55,516 | ||||||||
Loss on fair value of warrants | — | — | 12,239,688 | |||||||||
Amortization of debt discount | — | — | 450,000 | |||||||||
Forgiveness of employee receivable | — | — | 30,036 | |||||||||
Impairment loss — write-off of goodwill | — | — | 5,702,130 | |||||||||
Expenses related to employee stock options and restricted stock issued | 585,437 | 1,605,907 | 8,437,999 | |||||||||
Expenses related to options issued to non-employees | — | 4,983 | 204,664 | |||||||||
Expenses paid by issuance of common stock | 1,341,372 | |||||||||||
Expenses paid by issuance of warrants | — | — | 573,357 | |||||||||
Expenses paid by issuance of preferred stock | — | — | 142,501 | |||||||||
Expenses related to stock warrants issued | — | — | 612,000 | |||||||||
Equity in loss of investee | — | — | 178,936 | |||||||||
In-process research and development | — | — | 10,422,130 | |||||||||
Write-off of license agreement | — | — | 152,866 | |||||||||
Write-off assets available-for-sale | — | — | 108,000 | |||||||||
Cumulative effect of change in accounting principle | — | — | 25,821 | |||||||||
Accretion of discount | — | (208,103 | ) | (1,249,853 | ) | |||||||
Accretion of discount on investments in securities | — | — | (354,641 | ) | ||||||||
Changes in assets and liabilities, net of effect of acquisitions: | ||||||||||||
(Increase) decrease in prepaid and other assets | 344,699 | 85,723 | (562,972 | ) | ||||||||
Increase (decrease) in accounts payable and accrued liabilities | (2,360,336 | ) | 1,221,208 | 2,530,395 | ||||||||
Decrease in long-term liabilities | — | (14,270 | ) | — | ||||||||
Net cash used in operating activities | (12,616,416 | ) | (23,787,604 | ) | (98,439,063 | ) | ||||||
Cash flows from investing activities: | ||||||||||||
Proceeds from sales and maturities of short-term investments | — | 33,243,602 | 112,788,378 | |||||||||
Purchases of short-term investments | — | (14,355,784 | ) | (111,183,884 | ) | |||||||
Purchases of property and equipment | — | (64,955 | ) | (1,030,354 | ) | |||||||
Proceeds from sale of property and equipment | 16,000 | 33,906 | 49,906 | |||||||||
Purchase of certificate of deposit | — | — | (1,016,330 | ) |
F-11
Table of Contents
(A Development Stage Enterprise)
Consolidated Statements of Cash Flows
Inception | ||||||||||||
(June 12, 1996) | ||||||||||||
Through | ||||||||||||
Years Ended December 31, | December 31, | |||||||||||
2009 | 2008 | 2009 | ||||||||||
Maturity of certificate of deposit | — | — | 1,016,330 | |||||||||
Cash paid for acquisitions, net of cash acquired | — | — | 32,395 | |||||||||
Payment on obligation under license agreement | — | — | (106,250 | ) | ||||||||
Issuance of note receivable — related party | — | — | (35,000 | ) | ||||||||
Payments on note receivable | — | — | 405,993 | |||||||||
Advance to investee | — | — | (90,475 | ) | ||||||||
Cash transferred in rescission of acquisition | — | — | (19,475 | ) | ||||||||
Cash received in rescission of acquisition | — | — | 230,000 | |||||||||
Net cash provided by investing activities | 16,000 | 18,856,769 | 1,041,234 | |||||||||
Cash flows from financing activities: | ||||||||||||
Proceeds from sale of common stock | — | — | 84,151,342 | |||||||||
Proceeds from exercise of stock options | — | — | 712,367 | |||||||||
Proceeds from sale or exercise of warrants | 3,013,920 | — | 14,396,814 | |||||||||
Proceeds from sale of preferred stock | 9,820,500 | — | 14,021,493 | |||||||||
Repurchase of warrants | — | — | (55,279 | ) | ||||||||
Payments for financing and offering costs | (1,416,504 | ) | — | (7,900,313 | ) | |||||||
Payments on notes payable and long-term debt | — | — | (605,909 | ) | ||||||||
Proceeds from issuance of notes payable and detachable warrants | — | — | 1,344,718 | |||||||||
Net cash provided by financing activities | 11,417,916 | — | 106,065,233 | |||||||||
Net (decrease) increase in cash and cash equivalents | (1,182,500 | ) | (4,930,835 | ) | 8,667,404 | |||||||
Cash and cash equivalents at beginning of period | 9,849,904 | 14,780,739 | — | |||||||||
Cash at end of period | $ | 8,667,404 | $ | 9,849,904 | $ | 8,667,404 | ||||||
F-12
Table of Contents
(A Development Stage Enterprise)
(1) | Description of Business |
(2) | Summary of Significant Accounting Policies |
F-13
Table of Contents
(A Development Stage Enterprise)
Notes to Consolidated Financial Statements
December 31, 2009
F-14
Table of Contents
(A Development Stage Enterprise)
Notes to Consolidated Financial Statements
December 31, 2009
F-15
Table of Contents
(A Development Stage Enterprise)
Notes to Consolidated Financial Statements
December 31, 2009
2009 | 2008 | |||||||
Warrants | 23,658,733 | 13,373,549 | ||||||
Options | 5,859,000 | 4,364,833 | ||||||
29,517,733 | 17,738,382 | |||||||
F-16
Table of Contents
(A Development Stage Enterprise)
Notes to Consolidated Financial Statements
December 31, 2009
Inception | ||||||||||||
(June 12, 1996) | ||||||||||||
Through | ||||||||||||
Years Ended December 31, | December 31, | |||||||||||
2009 | 2008 | 2009 | ||||||||||
Supplemental disclosures of cash flow information: | ||||||||||||
Interest paid | $ | — | $ | — | $ | 179,090 | ||||||
Income taxes paid | — | — | — | |||||||||
Supplemental disclosures of non-cash investing and financing activities: | ||||||||||||
Issuance of warrants, common stock and preferred stock for: | ||||||||||||
Conversion of notes payable and accrued interest | — | — | 1,213,988 | |||||||||
Prepaid services to consultants | — | — | 1,482,781 | |||||||||
Conversion of preferred stock | 94,632 | — | 97,337 | |||||||||
Acquisitions | — | — | 24,781,555 | |||||||||
Payment of dividends | — | — | 213,000 | |||||||||
Financial advisor services in conjunction with private placements | 691,812 | — | 1,829,268 | |||||||||
Acquisition of treasury stock in settlement of a claim | — | — | 34,737 | |||||||||
Cancellation of treasury stock | — | — | (34,737 | ) | ||||||||
Assumptions of liabilities in acquisitions | — | — | 1,235,907 | |||||||||
Acquisition of license agreement for long-term debt | — | — | 161,180 | |||||||||
Cashless exercise of warrants | — | — | 4,312 | |||||||||
Dividends accrued | — | — | 621,040 | |||||||||
Trade asset converted to available for sale asset | — | — | 108,000 | |||||||||
Dividends extinguished | — | — | 408,240 | |||||||||
Trade payable converted to note payable | — | — | 83,948 | |||||||||
Issuance of warrants for return of common stock | — | — | 50,852 | |||||||||
Detachable warrants issued with notes payable | — | — | 450,000 | |||||||||
Unrealized loss on short-term investments | — | 2,702 | — | |||||||||
Cumulative preferred stock dividends | 5,738,500 | — | 5,738,500 |
F-17
Table of Contents
(A Development Stage Enterprise)
Notes to Consolidated Financial Statements
December 31, 2009
(3) | Fair Value Measurements |
Level 1 — | Quoted prices in active markets for identical assets or liabilities. |
F-18
Table of Contents
(A Development Stage Enterprise)
Notes to Consolidated Financial Statements
December 31, 2009
Level 2 — | Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; 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. |
Level 3 — | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
(4) | Property and Equipment |
Useful Lives | 2009 | 2008 | ||||||||
Office furniture, computer and lab equipment | 3 – 5 years | $ | 293,480 | $ | 720,257 | |||||
Computer software | 3 years | 89,422 | 103,306 | |||||||
382,902 | 823,563 | |||||||||
Less accumulated depreciation and amortization | (338,692 | ) | (624,511 | ) | ||||||
Property and equipment, net | $ | 44,210 | $ | 199,052 | ||||||
(5) | Accrued Liabilities |
2009 | 2008 | |||||||
Accrued contracts and study expenses | $ | 1,144,279 | $ | 1,620,988 | ||||
Other accrued liabilities | 234,731 | 434,172 | ||||||
Deferred rent | — | 22,028 | ||||||
Accrued liabilities | $ | 1,379,010 | $ | 2,077,188 | ||||
(6) | Capital Stock and Warrants |
F-19
Table of Contents
(A Development Stage Enterprise)
Notes to Consolidated Financial Statements
December 31, 2009
F-20
Table of Contents
(A Development Stage Enterprise)
Notes to Consolidated Financial Statements
December 31, 2009
F-21
Table of Contents
(A Development Stage Enterprise)
Notes to Consolidated Financial Statements
December 31, 2009
Warrants | Exercise Price | Expiration Date | ||||||||
10,810,809 | $ | 2.2600 | July 2012 | |||||||
2,116,290 | $ | 0.1500 | June 2014 | |||||||
901,810 | $ | 0.1500 | June 2014 | |||||||
475,209 | $ | 0.1790 | July 2012 | |||||||
354,615 | $ | 0.1625 | August 2014 | |||||||
5,400,000 | $ | 0.1468 | October 2014 | |||||||
3,600,000 | $ | 0.2350 | October 2014 | |||||||
23,658,733 | ||||||||||
F-22
Table of Contents
(A Development Stage Enterprise)
Notes to Consolidated Financial Statements
December 31, 2009
(7) | Equity Incentive Plans |
Years Ended December 31, | ||||||||
2009 | 2008 | |||||||
Selling, general and administrative expense | $ | 543,868 | $ | 885,426 | ||||
Research and development expense | 41,569 | 725,464 | ||||||
Stock-based compensation expense before taxes | 585,437 | 1,610,890 | ||||||
Related income tax benefits | — | — | ||||||
Stock-based compensation expense | $ | 585,437 | $ | 1,610,890 | ||||
Net stock-based compensation expense per common share — basic and diluted | $ | 0.01 | $ | 0.02 | ||||
Stock-based compensation expense from: | ||||||||
Stock options | $ | 585,437 | $ | 1,610,890 | ||||
Share grant | — | — | ||||||
Restricted stock awards | — | — | ||||||
$ | 585,437 | $ | 1,610,890 | |||||
F-23
Table of Contents
(A Development Stage Enterprise)
Notes to Consolidated Financial Statements
December 31, 2009
Weighted- | ||||||||||||||||
Weighted- | Average | |||||||||||||||
Average | Remaining | Aggregate | ||||||||||||||
Exercise | Contractual | Intrinsic | ||||||||||||||
Shares | Price | Years | Value | |||||||||||||
Outstanding at December 31, 2008 | 4,364,833 | $ | 1.77 | |||||||||||||
Granted | 3,400,000 | $ | 0.13 | |||||||||||||
Exercised | — | — | ||||||||||||||
Cancelled/forfeited/expired | (1,905,833 | ) | $ | 1.83 | ||||||||||||
Outstanding at December 31, 2009 | 5,859,000 | $ | 0.80 | 8.56 | $ | 748,000 | ||||||||||
Options exercisable at December 31, 2009 | 1,762,434 | $ | 2.10 | 6.83 | $ | — | ||||||||||
Vested and expected to vest at December 31, 2009 | 4,642,612 | $ | 0.93 | 8.39 | $ | 542,581 | ||||||||||
F-24
Table of Contents
(A Development Stage Enterprise)
Notes to Consolidated Financial Statements
December 31, 2009
Years Ended December 31, | ||||||||
2009 | 2008 | |||||||
Risk-free interest rate | 2.7 | % | 2.75 – 3.3 | % | ||||
Dividend yield | 0.0 | % | 0.0 | % | ||||
Expected volatility | 183 | % | 125 – 149 | % | ||||
Weighted-average volatility | 183 | % | 146 | % | ||||
Expected term (in years) | 6.0 years | 6.2 years |
Years Ended December 31, | |||||||
2009 | 2008 | ||||||
Risk-free interest rate | N/A | 3.3 – 3.7 | % | ||||
Dividend yield | N/A | 0.0 | % | ||||
Expected volatility | N/A | 147 | % | ||||
Contractual term (in years) | N/A | 6.5 – 7.3 years |
F-25
Table of Contents
(A Development Stage Enterprise)
Notes to Consolidated Financial Statements
December 31, 2009
Options Outstanding | Options Exercisable | |||||||||||||||||||
Weighted- | ||||||||||||||||||||
Average | Weighted- | Weighted- | ||||||||||||||||||
Number | Remaining | Average | Number | Average | ||||||||||||||||
Outstanding | Contractual | Exercise | Exercisable | Exercise | ||||||||||||||||
Range of Exercise Price | in 000’s | Life | Price | in 000’s | Price | |||||||||||||||
$0.13 | 3,400 | 9.55 | $ | 0.13 | — | $ | 0.00 | |||||||||||||
$0.37 to $2.50 | 1,614 | 7.36 | $ | 0.92 | 994 | $ | 1.17 | |||||||||||||
$2.50 to $4.75 | 845 | 6.87 | $ | 3.25 | 768 | $ | 3.29 | |||||||||||||
5,859 | 8.56 | $ | 0.80 | 1,762 | $ | 2.10 | ||||||||||||||
(8) | Commitments |
Year Ending December 31, | ||||
2010 | $ | 60,863 | ||
2011 | 5,267 | |||
Total | $ | 66,130 | ||
F-26
Table of Contents
(A Development Stage Enterprise)
Notes to Consolidated Financial Statements
December 31, 2009
(9) | Material License Agreements |
(10) | Income Taxes |
F-27
Table of Contents
(A Development Stage Enterprise)
Notes to Consolidated Financial Statements
December 31, 2009
December 31, | ||||||||
2009 | 2008 | |||||||
Income tax benefit at federal statutory rate | $ | (3,851,000 | ) | $ | (9,060,000 | ) | ||
State taxes | 2,000 | 2,000 | ||||||
R & D Credit | (150,000 | ) | (310,000 | ) | ||||
Stock options | 770,000 | 542,000 | ||||||
Net operating true-ups | (20,000 | ) | (1,600,000 | ) | ||||
Other | 60,000 | (49,000 | ) | |||||
Change in federal valuation allowance | 3,189,000 | 10,475,000 | ||||||
Total | $ | — | $ | — | ||||
December 31, | ||||||||
2009 | 2008 | |||||||
Deferred tax assets: | ||||||||
Accrued expenses | $ | 85,538 | $ | 248,776 | ||||
Stock options expense under ASC 718 | 1,008,517 | 1,677,809 | ||||||
Net operating loss carry forwards | 37,484,836 | 33,102,741 | ||||||
Income tax credit carry forwards | 2,478,625 | 2,262,374 | ||||||
Property and equipment | 12,094 | 41,056 | ||||||
Intangibles | 2,360,396 | 2,285,263 | ||||||
Other | 6,553 | 6,553 | ||||||
Total deferred tax assets | 43,436,559 | 39,624,572 | ||||||
Less: valuation allowance | (43,436,559 | ) | (39,624,572 | ) | ||||
Total deferred tax assets, net of valuation allowance | $ | — | $ | — | ||||
F-28
Table of Contents
(A Development Stage Enterprise)
Notes to Consolidated Financial Statements
December 31, 2009
(11) | Litigation |
(12) | 401(k) Plan |
(13) | Segment Information |
F-29
Table of Contents
(A Development Stage Enterprise)
Notes to Consolidated Financial Statements
December 31, 2009
(14) | Summary of Quarterly Financial Data (unaudited) |
Quarters Ended | ||||||||||||||||
for 2009 (unaudited): | March 31 | June 30 | September 30 | December 31 | ||||||||||||
Licensing revenue | $ | 300,000 | $ | — | $ | — | $ | — | ||||||||
Gross margin | 300,000 | — | — | — | ||||||||||||
Loss from operations | (3,158,786 | ) | (2,552,485 | ) | (2,349,865 | ) | (3,224,549 | ) | ||||||||
Net loss | (3,157,010 | ) | (2,595,541 | ) | (2,352,586 | ) | (3,219,921 | ) | ||||||||
Net loss applicable to common stock | (3,157,010 | ) | (3,827,956 | ) | (2,728,675 | ) | (6,478,304 | ) | ||||||||
Basic and diluted net loss per share | $ | (0.03 | ) | $ | (0.04 | ) | $ | (0.02 | ) | $ | (0.04 | ) | ||||
Basic and diluted weighted average number of shares of common stock outstanding | 90,252,572 | 93,389,302 | 119,480,719 | 162,731,662 |
Quarters Ended | ||||||||||||||||
for 2008 (unaudited): | March 31 | June 30 | September 30 | December 31 | ||||||||||||
Licensing revenue | $ | — | $ | 500,000 | $ | — | $ | — | ||||||||
Gross margin | — | 500,000 | — | — | ||||||||||||
Loss from operations | (6,232,280 | ) | (6,691,199 | ) | (6,856,013 | ) | (7,530,343 | ) | ||||||||
Net loss | (5,933,072 | ) | (6,425,530 | ) | (6,776,863 | ) | (7,512,028 | ) | ||||||||
Basic and diluted net loss per share | $ | (0.07 | ) | $ | (0.07 | ) | $ | (0.08 | ) | $ | (0.08 | ) | ||||
Basic and diluted weighted average number of shares of common stock outstanding | 90,252,572 | 90,252,572 | 90,252,572 | 90,252,572 |
(15) | Severance Related Expenses |
F-30
Table of Contents
(A Development Stage Enterprise)
Notes to Consolidated Financial Statements
December 31, 2009
F-31
Table of Contents
(A Development Stage Enterprise)
Notes to Consolidated Financial Statements
December 31, 2009
(16) | Subsequent Events |
F-32
Table of Contents
(A Development Stage Enterprise)
Notes to Consolidated Financial Statements
December 31, 2009
F-33
Table of Contents
Exhibit | Description | |||
2.1 | (1) | Agreement and Plan of Merger, dated April 7, 2006, among the registrant, Speed Acquisition, Inc., SD Pharmaceuticals, Inc. and certain individuals named therein (including exhibits thereto) | ||
3.1 | (2) | Amended and Restated Certificate of Incorporation of the registrant | ||
3.2 | (3) | Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the registrant dated October 5, 2009 | ||
3.3 | (4) | Certificate of Designation of Preferences, Rights and Limitations of 0% Series A Convertible Preferred Stock | ||
3.4 | (5) | Certificate of Designation of Preferences, Rights and Limitations of 5% Series B Convertible Preferred Stock | ||
3.5 | (6) | Certificate of Designation of Preferences, Rights and Limitations of 5% Series C Convertible Preferred Stock | ||
3.6 | (7) | Certificate of Designation of Preferences, Rights and Limitations of 4.25660% Series D Convertible Preferred Stock | ||
3.7 | (8) | Certificate of Designation of Preferences, Rights and Limitations of 3.73344597664961% Series E Convertible Preferred Stock | ||
3.8 | (9) | Amended and Restated Bylaws of the registrant (formerly known as Biokeys Pharmaceuticals, Inc.) | ||
10.1 | (10) | Securities Purchase Agreement, dated July 21, 2005, among the registrant and the Purchasers (as defined therein) | ||
10.2 | (10) | Rights Agreement, dated July 27, 2005, among the registrant, the Icahn Purchasers and Viking (each as defined therein) | ||
10.3 | (11) | First Amendment to Rights Agreement, dated September 22, 2006, among the registrant and the Icahn Purchasers (as defined therein) | ||
10.4 | (12) | Second Amendment to Rights Agreement, dated February 25, 2008, among the registrant and the Icahn Purchasers (as defined therein) | ||
10.5 | (13) | Third Amendment to Rights Agreement, dated August 26, 2009, among the registrant and Icahn Purchasers (as defined therein) | ||
10.6 | (10) | Form of $2.26 Common Stock Warrant issued on July 27, 2005 to Icahn Partners LP, Icahn Partners Master Fund LP, High River Limited Partnership, Viking Global Equities LP and VGE III Portfolio Ltd. | ||
10.7 | (10) | Form of $2.26 Common Stock Warrant issued on July 27, 2005 to North Sound Legacy Institutional Fund LLC and North Sound Legacy International Ltd. | ||
10.8 | (4) | Engagement Letter Agreement, dated June 7, 2009, by and between the registrant and Rodman & Renshaw, LLC | ||
10.9 | (4) | Securities Purchase Agreement, date June 8, 2009, governing the issuance and sale of the registrant’s 0% Series A Convertible Preferred Stock | ||
10.10 | (4) | Form of Common Stock Purchase Warrant issued on June 12, 2009 by the registrant to the purchasers of the registrant’s 0% Series A Convertible Preferred Stock and to Rodman & Renshaw, LLC | ||
10.11 | (5) | Engagement Letter Agreement, dated June 26, 2009, by and between the registrant and Rodman & Renshaw, LLC |
Table of Contents
Exhibit | Description | |||
10.12 | (5) | Securities Purchase Agreement, dated June 29, 2009, governing the issuance and sale of the registrant’s 5% Series B Convertible Preferred Stock | ||
10.13 | (5) | Form of Common Stock Purchase Warrant issued on July 6, 2009 by the registrant to Rodman & Renshaw, LLC | ||
10.14 | (6) | Engagement Letter Agreement, dated August 4, 2009, by and between the registrant and Rodman & Renshaw, LLC | ||
10.15 | (6) | Securities Purchase Agreement, dated August 5, 2009, governing the issuance and sale of the registrant’s 5% Series C Convertible Preferred Stock | ||
10.16 | (6) | Form of Common Stock Purchase Warrant issued on August 10, 2009 by the registrant to Rodman & Renshaw, LLC | ||
10.17 | (14) | Engagement Letter Agreement, dated September 24, 2009, by and between the registrant and Rodman & Renshaw, LLC | ||
10.18 | (7) | Engagement Letter Agreement, dated September 29, 2009, by and between the registrant and Rodman & Renshaw, LLC | ||
10.19 | (7) | Form of Securities Purchase Agreement, dated October 6, 2009, governing the issuance and sale of the registrant’s 4.25660% Series D Convertible Preferred Stock | ||
10.20 | (7) | Form of Common Stock Purchase Warrant issued on October 9, 2009 by the registrant to the purchasers of the registrant’s 4.25660% Series D Convertible Preferred Stock and to Rodman & Renshaw, LLC | ||
10.21 | (8) | Engagement Letter Agreement, dated January 3, 2010, by and between the registrant and Rodman & Renshaw, LLC | ||
10.22 | (8) | Securities Purchase Agreement, dated as of January 4, 2010, governing the issuance and sale of the registrant’s 3.73344597664961% Series E Convertible Preferred Stock | ||
10.23 | (8) | Form of Common Stock Purchase Warrant issued on January 7, 2010 by the registrant to the purchasers of the registrant’s 3.73344597664961% Series E Convertible Preferred Stock and to Rodman & Renshaw, LLC | ||
10.24 | #(15) | 2005 Equity Incentive Plan | ||
10.25 | #(16) | Form of Stock Option Agreement under the 2005 Equity Incentive Plan | ||
10.26 | #(17) | Form of Stock Option Agreement under the 2005 Equity Incentive Plan (for director option grants beginning in 2008) | ||
10.27 | #(18) | Form of Stock Option Agreement under the 2005 Equity Incentive Plan (for option grants to employees approved in March 2008) | ||
10.28 | #(2) | Form of Restricted Share Award Agreement under the 2005 Equity Incentive Plan | ||
10.29 | #(19) | 2008 Omnibus Incentive Plan | ||
10.30 | #(20) | Form of Notice of Grant of Restricted Stock Units under the 2008 Omnibus Incentive Plan (for grants to employees in January 2009) | ||
10.31 | #(20) | Form of Restricted Stock Units Agreement under the 2008 Omnibus Incentive Plan | ||
10.32 | #(21) | Form of Non-Statutory Stock Option Grant Agreement (for directors) under the 2008 Omnibus Incentive Plan | ||
10.33 | #(21) | Form of Non-Statutory/Incentive Stock Option Grant Agreement (for consultants/employees) under the 2008 Omnibus Incentive Plan |
Table of Contents
Exhibit | Description | |||
10.34 | #(22) | Form of Incentive Stock Option Grant Agreement under the 2008 Omnibus Incentive Plan (for grant to Brian M. Culley in July 2009) | ||
10.35 | #(22) | Form of Incentive Stock Option Grant Agreement under the 2008 Omnibus Incentive Plan (for grant to Patrick L. Keran in July 2009) | ||
10.36 | #(23) | Form of letter, dated January 20, 2010, modifying options granted to Brian M. Culley and Patrick L. Keran in July 2009 | ||
10.37 | #(23) | Form of Incentive Stock Option Grant Agreement under the 2008 Omnibus Incentive Plan (for grant to Brian M. Culley in January 2010) | ||
10.38 | #(23) | Form of Incentive Stock Option Grant Agreement under the 2008 Omnibus Incentive Plan (for grant to Patrick L. Keran in January 2010) | ||
10.39 | (17) | License Agreement, dated December 10, 2005, among SD Pharmaceuticals, Latitude Pharmaceuticals and Andrew Chen, including a certain letter, dated November 20, 2007, clarifying the scope of rights thereunder | ||
10.40 | †(24) | License Agreement, dated March 25, 2009, among the registrant, SD Pharmaceuticals, Inc. and Shin Poong Pharmaceutical Co., Ltd. | ||
10.41 | (25) | Standard Multi-Tenant Office Lease — Gross, dated June 3, 2004, between the registrant and George V. Casey & Ellen M. Casey, Trustees of the Casey Family Trust dated June 22, 1998 | ||
10.42 | (2) | First Amendment to the Standard Multi-Tenant Office Lease — Gross, dated June 3, 2004 between the registrant and George V. & Ellen M. Casey, Trustees of the Casey Family Trust dated June 22, 1998 | ||
10.43 | (26) | Second Amendment to Standard Mutli-Tenant Officer Lease — Gross, dated July 22, 2009, by and among Westcore Mesa View, LLC, DD Mesa View LLC and the registrant | ||
10.44 | (27) | Third Amendment to Standard Multi-Tenant Office Lease — Gross, dated December 10, 2009, by and among Westcore Mesa View, LLC, DD Mesa View, LLC and the registrant | ||
10.45 | Fourth Amendment to Standard Multi-Tenant Office Lease — Gross, dated February 4, 2010, by and among Westcore Mesa View, LLC, DD Mesa View, LLC and the registrant | |||
10.46 | #(28) | Confidential Separation Agreement and General Release of All Claims, effective December 4, 2008, between the registrant and Joan M. Robbins | ||
10.47 | #(17) | Letter agreement regarding terms of separation with James A. Merritt, effective as of February 12, 2008 | ||
10.48 | #(29) | Letter Agreement regarding terms of separation with Gregory P. Hanson, dated April 2, 2008 | ||
10.49 | #(29) | Consulting Agreement, dated April 2, 2008, with Gregory P. Hanson | ||
10.50 | #(21) | Offer letter, dated April 1, 2008, to Mark N.K. Bagnall (including Exhibits A, B and C thereto) | ||
10.51 | #(24) | Confidential Separation Agreement and General Release of All Claims, effective January 8, 2009, and Consulting Agreement, dated December 31, 2008, between the registrant and Mark N.K. Bagnall | ||
10.52 | #(30) | Consulting Agreement, dated August 24, 2009, with Mark N.K. Bagnall | ||
10.53 | #(28) | Confidential Separation Agreement and General Release of All Claims, effective December 31, 2008, between the registrant and Evan M. Levine, including letter, dated November 7, 2008, related thereto | ||
10.54 | #(31) | Offer letter, dated November 15, 2004, to Brian M. Culley | ||
10.55 | #(20) | Retention and Incentive Agreement, dated January 28, 2009 between the registrant and Brian M. Culley |
Table of Contents
Exhibit | Description | |||
10.56 | #(24) | Retention and Incentive Agreement, dated January 28, 2009, between the registrant and Patrick L. Keran | ||
10.57 | #(24) | Retention and Incentive Agreement, dated January 28, 2009, between the registrant and Mark E. Erwin | ||
10.58 | #(24) | Retention and Incentive Agreement, dated January 28, 2009, between the registrant and Michele L. Yelmene | ||
10.59 | # | Consulting Agreement, effective as of July 15, 2009, and Amendment to Consulting Agreement, effective as of December 31, 2009, between the registrant and Michele L. Yelmene | ||
10.60 | #(22) | 2009 Mid-Year Incentive Plan for Brian M. Culley and Patrick L. Keran | ||
10.61 | #(22) | Retention and Severance Plan (as of July 21, 2009) for Brian M. Culley and Patrick L. Keran | ||
10.62 | #(23) | 2010 Incentive Plan for Brian M. Culley and Patrick L. Keran | ||
10.63 | # | Consulting Agreement, effective as of November 23, 2009, between the registrant and Eric K. Rowinsky | ||
10.64 | #(32) | Director Compensation Policy, adopted June 21, 2006 | ||
10.65 | # | Director Compensation Policy, adopted January 25, 2010 | ||
10.66 | (33) | Form of Director and Officer Indemnification Agreement | ||
21.1 | List of Subsidiaries | |||
23.1 | Consent of J.H. Cohn LLP, Independent Registered Public Accounting Firm | |||
31.1 | Certification of principal executive officer pursuant to Rule 13a-14(a)/15d-14(a) | |||
31.2 | Certification of principal financial officer pursuant to Rule 13a-14(a)/15d-14(a) | |||
32.1 | ± | Certification of principal executive officer and principal financial officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
† | Indicates that confidential treatment has been requested or granted to certain portions, which portions have been omitted and filed separately with the SEC | |
# | Indicates management contract or compensatory plan | |
± | These certifications are being furnished solely to accompany this report pursuant to 18 U.S.C. 1350, and are not being filed for purposes of Section 18 of the Securities Exchange Act of 1934 and are not to be incorporated by reference into any filing of the registrant, whether made before or after the date hereof, regardless of any general incorporation by reference language in such filing. | |
(1) | Filed with the registrant’s Amendment No. 1 to Current Report on Form 8-K/A on May 1, 2006 (SEC file number 001-32157-06796248) | |
(2) | Filed with the registrant’s Annual Report on Form 10-K on March 16, 2006 (SEC file number 001-32157-06693266) | |
(3) | Filed with the registrant’s Current Report on Form 8-K on October 13, 2009 (SEC file number 001-32157-091115090) | |
(4) | Filed with the registrant’s Current Report on Form 8-K on June 8, 2009 (SEC file number 001-32157-09878961) |
Table of Contents
(5) | Filed with the registrant’s Current Report on Form 8-K on June 30, 2009 (SEC file number 001-32157-09917820) | |
(6) | Filed with the registrant’s Current Report on Form 8-K on August 5, 2009 (SEC file number 001-32157-09989205) | |
(7) | Filed with the registrant’s Amendment No. 3 to the Registration Statement on Form S-1 on October 5, 2009 (SEC file number 333-160778-091107945) | |
(8) | Filed with the registrant’s Current Report on Form 8-K on January 4, 2010 (SEC file number 001-32157- 10500379) | |
(9) | Filed with the registrant’s Current Report on Form 8-K on December 15, 2008 (SEC file number 001-32157-081249921) | |
(10) | Filed with the registrant’s Quarterly Report on Form 10-Q on August 12, 2005 (SEC file number 001-32157-051022046) | |
(11) | Filed with the registrant’s Current Report on Form 8-K on September 22, 2006 (SEC file number 001-32157-061103268) | |
(12) | Filed with the registrant’s Current Report on Form 8-K on February 25, 2008 (SEC file number 001-32157 08638638) | |
(13) | Filed with the registrant’s Current Report on Form 8-K on September 1, 2009 (SEC file number 001-32157-091049161) | |
(14) | Filed with the registrant’s Amendment No. 2 to the Registration Statement on Form S-1 on September 25, 2009 (SEC file number 333-160778-091087750) | |
(15) | Filed with the registrant’s Annual Report on Form 10-K on March 15, 2007 (SEC file number 001-32157-07697283) | |
(16) | Filed with the registrant’s Registration Statement on Form S-8 on July 13, 2005 (SEC file number 333-126551-05951362) | |
(17) | Filed with registrant’s Annual Report on Form 10-K on March 17, 2008 (SEC file number 001-32157-08690952) | |
(18) | Filed with the registrant’s Quarterly Report on Form 10-Q on May 12, 2008 (SEC file number 001-32157-08820541) | |
(19) | Filed with the registrant’s Current Report on Form 8-K on June 2, 2008 (SEC file number 001-32157-08874724) | |
(20) | Filed with the registrant’s Current Report on Form 8-K on February 2, 2009 (SEC file number 001-32157- 09561715) | |
(21) | Filed with the registrant’s Quarterly Report on Form 10-Q on August 11, 2008 (SEC file number 001-32157-081005744) | |
(22) | Filed with the registrant’s Current Report on Form 8-K on July 22, 2009 (SEC file number 001-32157-09957353) | |
(23) | Filed with the registrant’s Current Report on Form 8-K on January 26, 2010 (SEC file number 001-32157- 10547818) | |
(24) | Filed with the registrant’s Quarterly Report on Form 10-Q on May 15, 2009 (SEC file number 001-32157-09878961) | |
(25) | Filed with the registrant’s Quarterly Report on Form 10-QSB on August 10, 2004 (SEC file number 001-32157-04963741) | |
(26) | Filed with the registrant’s Current Report on Form 8-K on August 20, 2009 (SEC file number 001-32157-091025631) | |
(27) | Filed with the registrant’s Current Report on Form 8-K on December 24, 2009 (SEC file number 001-32157-091260100) |
Table of Contents
(28) | Filed with the registrant’s Annual Report on Form 10-K on March 27, 2009 (SEC file number 001-32157-09708145) | |
(29) | Filed with the registrant’s Current Report on Form 8-K on April 16, 2008 (SEC file number 001-32157-08760483) | |
(30) | Filed with the registrant’s Current Report on Form 8-K on August 28, 2009 (SEC file number 001-32157-091043396) | |
(31) | Filed with the registrant’s Annual Report on Form 10-KSB on March 31, 2005 (SEC file number 001-32157-05719975) | |
(32) | Filed with the registrant’s Current Report on Form 8-K on June 23, 2006 (SEC file number 001-32157-06922676) | |
(33) | Filed with the registrant’s Current Report on Form 8-K on October 23, 2006 (SEC file number 001-32157-061156993) |