Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

Subsequent Events
6 Months Ended
Jun. 30, 2015
Subsequent Events [Abstract]  
Subsequent Events
11. Subsequent Events

Public Offering

On July 6, 2015 the Company closed a public offering of an aggregate of 9,090,909 shares of the Company´s common stock at a purchase price of $2.75 per share. All shares of common stock were offered by the Company. On July 24, 2015 the underwriters exercised their over-allotment option to purchase 1,211,827 additional shares of the Company’s common stock at the public offering price of $2.75, which sale closed on July 28, 2015.

Gross proceeds raised by the Company in the offering, including the exercise of the over-allotment option, were $28.3 million and net proceeds are expected to be approximately $25.8 million. The Company intends to use the net proceeds from the offering to fund research and development, including preclinical and clinical research and development of its drug candidates, working capital and general corporate purposes.

Milestone payment

On July 8, 2015 the Company announced that it will receive its third milestone payment for the second program in its discovery and development collaboration with Daiichi Sankyo, and seventh milestone payment overall under the multi program collaboration. The amount of payment was not disclosed due to the confidential treatment of this agreement. The payment was triggered by the achievement of positive in vivo proof of concept data and progression of the Anticalin drug candidate through a non-GLP toxicity study in non-human primates. The Company expects to receive this milestone payment in the third quarter of 2015.

Cooperation Agreement

On July, 14 the Company entered into a Cooperation Agreement (the “Cooperation Agreement”) with the University of Cologne. The University of Cologne provides research services to the Company for which it will receive up to two milestone payments. For the research services under Milestone 1, the Company shall pay the University a net amount of $48,698 (€43.660) in two installments. Within thirty days following achievement of Milestone 1, the Company and University shall mutually agree whether to continue with the Cooperation Project. Having agreed on continuing with Milestone 2, the Company shall pay the University a net amount of $130,301 (€116,820) in two installments.