First Quarter 2013 Financial Results
- Net loss for the first quarter of 2013 was $6.5 million, or $0.08 per common share, as compared to a net loss of $4.1 million, or $0.06 per common share for first quarter of 2012.
- Cash used in the first quarter of 2013 was approximately $5 million as compared to $3.4 million during the first quarter of 2012. Cash use in the first quarter of 2013 included $4.8 million for operations and $0.2 million invested in patents and other long-lived assets.
- The Company received $14.3 million in net proceeds from the March 2013 sale of 4.7 million shares of common stock at $3.25 per share in an underwritten offering.
- Cash and available for sale securities as of March 31, 2013 totaled $17.8 million.