Item 8.01. Other Events.

On May 13, 2009, the Company issued a press release announcing that it has completed its previously announced registered direct offering of 14 million shares of the Company's common stock to select institutional investors for gross proceeds of approximately $11.3 million. For each share of common stock purchased, investors also received warrants to purchase 0.5 shares of common stock at an exercise price of $1.15 per share. The Company received approximately $10.6 million in net proceeds after deducting the placement agent fee of approximately $0.68 million and other fees and expenses of the offering. Lazard Capital Markets LLC acted as the exclusive placement agent for the transaction. The press release, dated May 13, 2009, is filed as Exhibit 99.1 to this report and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits:

99.1 Press Release, dated May 13, 2009.

Cautionary Note Regarding Forward-looking Statements:

To the extent that statements in this Current Report on Form 8-K are not strictly historical, including statements as to business strategy, outlook, objectives, future milestones, plans, intentions, goals, future financial conditions, future collaboration agreements, the success of the Company's product development or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this Current Report are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made. Such risks and others are further described in the Company's filings with the Securities and Exchange Commission including the most recent reports on Forms 10-K, 10-Q and 8-K, and any amendments thereto.

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