"As of December 31, 2019, the Company had approximately $0.7 million of cash and cash equivalents plus approximately $258,000 of pre-paid expenses in hand. This includes a draw of $1.1 million from the debt facility provided by Dr. Diwan to the Company. "
Total current liabilities 3,895,853
On January 25, 2020, subsequent to the reporting period, the Company announced that it had completed an underwritten public offering (the “Offering”) with gross proceeds of $8.625 million before deducting underwriting discounts and other estimated offering expenses. The Offering included 2,500,000 shares of the Company’s common stock and 375,000 additional shares from the exercise of the underwriter’s option to purchase to cover over-allotments at the public offering price of $3.00 per share.
On January 24, 2020, the Company entered into a Settlement Agreement and Mutual Release (the “Settlement Agreement”) with the investor parties (collectively, the “Investors”) to that certain Securities Purchase Agreement dated as of February 27, 2019 (the "Securities Purchase Agreement") to settle an action commenced by the Investors to, among other things, enjoin the Company’s previously disclosed underwritten public offering (the “Action”). The Company and each of the Investors agreed to enter into an Exchange Agreement with the Company to more fully implement the terms of a binding term sheet attached to the Settlement Agreement.
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