The following table sets forth the changes in the number of warrants outstanding for the periods presented, exclusive of the warrants issued to Rusnano in connection with their loan to Panacela as those warrants are not exercisable until an event of default which has not occurred:
| Number of Warrants |
Weighted Average Exercise Price |
Number of
Common Shares Exercisable Into |
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|
Outstanding at December 31, 2011 |
10,121,219 | $ | 3.76 | 12,564,193 | ||||||||
|
Granted |
4,312,500 | 3.00 | 4,312,500 | |||||||||
|
Forfeited, Canceled |
(4,055,724 | ) | 5.07 | (6,498,698 | ) | |||||||
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|
|
|
|
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|
Outstanding at December 31, 2012 |
10,377,995 | 2.94 | 10,377,995 | |||||||||
|
Granted |
156,250 | 1.60 | 156,250 | |||||||||
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|
|
|
|
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|
Outstanding at December 31, 2013 |
10,534,245 | 2.70 | 10,534,245 | |||||||||
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