Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

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

Note 10 - Subsequent Events

  

On July 1, 2015, the Company sold 17,899 shares of common stock for gross proceeds of $47,784 as part of the Sales Agreement with MLV.

 

On July 1, 2015, the Company entered into a three month rental agreements for office space at 757 3rd Avenue, New York, NY. The Company paid a one month refundable deposit on the space that it maintains in New York, NY.  

 

On July 22, 2015, 500 shares of restricted stock vested and the Company issued 500 shares of common stock to an employee.

 

On July 28, 2015, the board of directors of the Company appointed Sergio Traversa as a member of the Audit Committee. Mr. Traversa has been a director since August 2012.

 

On July 29, 2015, 25,000 shares of restricted stock vested and the Company issued 25,000 shares of common stock to a consultant.

 

On August 3, 2015, the Company issued 29,761 shares of common stock to a consultant with a fair value of $50,000.

 

On August 3, 2015, the Company issued 75,818 shares of common stock for the conversion of 86,700 warrants.

 

On August 6, 2015, the Board approved an amendment to the 2013 Stock Plan and the Equity Incentive Plan (the “Plan Amendments”). Among other things, the Plan Amendments update the underlying documents to provide a uniform definition of “change of control” among the two plans and provide for accelerated vesting of all awards granted under each plan in the event of a change of control of the Company.

 

On August 6, 2015, the Company entered into an amended and restated consulting agreement with Mr. Sandesh Seth and an amended and restated employment agreement with Mr. Kaushik Dave. Among other things, the amendments revise the previously disclosed underlying agreements to provide substantial uniformity among various provisions of the two agreements, to enhance severance benefits, including in the event of a change of control of the Company, and to provide for immediate vesting of options in accordance with the amended 2013 Stock Plan and Equity Incentive Plan. The Dave Agreement also changes Dr. Dave’s title from “President and Chief Executive Officer” to “Chief Executive Officer”. On August 6, 2015, the Company also entered into an amended employment agreement with Mr. Dragan Cicic. Pursuant to the amendment Mr. Cicic’s title was changed from Chief Operating Officer and Chief Medical Officer to Chief Medical Officer.