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EXCEL - IDEA: XBRL DOCUMENT - Raptor Pharmaceutical CorpFinancial_Report.xls
10-Q - FORM 10-Q - Raptor Pharmaceutical Corpd270609d10q.htm
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EX-32.1 - CERTIFICATION OF CHRISTOPHER M. STARR, PH.D. AND KIM R. TSUCHIMOTO - Raptor Pharmaceutical Corpd270609dex321.htm
EX-31.2 - CERTIFICATION OF KIM R. TSUCHIMOTO, CHIEF FINANCIAL OFFICER - Raptor Pharmaceutical Corpd270609dex312.htm
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EX-31.1 - CERTIFICATION OF CHRISTOPHER M. STARR, PH.D., CHIEF EXECUTIVE OFFICER - Raptor Pharmaceutical Corpd270609dex311.htm
v2.4.0.6
Warrants
3 Months Ended
Nov. 30, 2011
Warrants [Abstract]  
Warrants

(9) WARRANTS

The table reflects the number of common stock warrants outstanding as of November 30, 2011:

 

exercisable exercisable exercisable
     Number of
shares
exercisable
     Exercise
price
   

Expiration date

Issued in connection with Encode merger

     233,309       $ 2.87      12/13/2015

Issued to placement agents in May / June 2008

     433,994       $ 2.36      5/21/2013

Issued to placement agents in August 2009

     65,000       $ 1.50      8/21/2014

TorreyPines warrants assumed in 2009 Merger

     8,140       $ 80.86   6/11/2013-9/26/2015

Issued to registered direct investors in Dec. 2009

     1,493,750       $ 2.45      12/23/2014

Issued to private placement investors in Aug. 2010

     3,999,890       $ 3.075      8/11/2015

Issued to placement agent in Aug. 2010

     97,952       $ 3.075      8/11/2015
  

 

 

      

Total warrants outstanding

     6,332,035       $ 2.95  
  

 

 

      

 

*

Average exercise price

The warrants issued by the Company in the August 2010 private placement and the December 2009 equity financing contain a conditional obligation that may require the Company to transfer assets to repurchase the warrants upon the occurrence of potential future events. Under ASC 480, a financial instrument that may require the issuer to settle the obligation by transferring assets is classified as a liability. Therefore, the Company has classified the warrants from both financings as liabilities and will mark them to fair value at each period end.

A Black-Scholes option-pricing model was used to obtain the fair value of the warrants issued in the December 2009 and August 2010 equity financings using the following assumptions at November 30, 2011 and August 31, 2011:

 

November 30, November 30, November 30, November 30,
     December 2009 equity
financing

Series A
    August 2010 equity financing
Investors and placement
agent
 
     November 30,
2011
    August 31,
2011
    November 30,
2011
    August 31,
2011
 

Fair value ($ millions)

     6.7        5.9        18.7        17.7   

Black-Scholes inputs:

        

Stock price

   $ 5.52      $ 4.73      $ 5.52      $ 4.73   

Exercise price

   $ 2.45      $ 2.45      $ 3.075      $ 3.075   

Risk free interest rate

     0.39     0.38     0.65     0.70

Volatility

     120.9     116.4     120.9     116.4

Expected term (years)

     3.00        3.25        3.75        4.00   

Dividend

     0        0        0        0   

 

For the three month periods ended November 30, 2011 and 2010, and for the cumulative period from September 8, 2005 (inception) to November 30, 2011, as a result of the marking-to-market of the warrant liability at quarter-end and the day prior to the exercise of warrants subject to warrant liability accounting, the Company recorded losses of approximately $4.2 million, $5.7 million and $26.4 million, respectively, in the line item adjustment to fair value of common stock warrants in its condensed consolidated statements of comprehensive loss. See Note 5 for further discussion on the marking-to-market of the warrant liability.