Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

Subsequent Events
6 Months Ended
Jun. 30, 2012
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

9. Subsequent Events


On July 16, 2012, the Company’s Board of Directors agreed to permit the exercise of warrants to acquire 273,752 shares of common stock of the Company on a cashless basis, provided that the cashless exercise price was increased by 20%, from $0.333 to $0.3996 per share. Prior to July 27, 2011, these warrants contained such cashless exercise feature, but that feature had been deleted at that time in connection with the extension of the warrants expiration date to July 27, 2012. Accordingly, on July 16, 2012, warrants to acquire 273,752 shares of common stock, issued in connection with WestPark Capital, Inc.’s role as placement agent for the June 30, 2006 private placement, were exercised on a cashless basis. Such cashless exercise resulted in the net issuance of 141,955 shares of common stock (see Note 4).


On July 24, 2012, the FDA notified the Company that its IND application to conduct a Phase I clinical trial of LB-100, which had been submitted on April 30, 2012, had been allowed.