|
Related Party Transactions
|
12 Months Ended |
|---|---|
|
Dec. 31, 2012
|
|
| Related Party Transactions [Abstract] | |
| Related Party Transactions |
5. Related Party Transactions At December 31, 2012 and 2011 deferred payments totaling $25,500 and $25,500, respectively, were owed to former directors in connection with their service on our Board and are included in the accompanying balance sheets in accounts payable and accrued expenses. These meeting fees have been deferred until such time as management determines that we have sufficient funding to pay them to the former directors. The deferrals of payments to our former directors do not reduce our expenses, but serve to preserve our limited cash resources to the extent necessary to maintain our operations. These amounts are non-interest bearing. During the year ended December 31, 2011, we paid $270,702 (which included approximately $96,909 in costs reimbursements associated with maintaining our intellectual property) to a law firm that employs the daughter-in-law of our former director and Chief Scientific Officer, Dr. Jeffrey Hillman, as a lawyer and from which firm we received intellectual property related legal services. During 2012 the Company continues to use the same law firm that employs the daughter-in-law of our former director and Chief Scientific Officer, Dr. Jeffrey Hillman. Dr. Hillman was not employed by the Company in 2012. As a result, payments to the law firm are not considered to be a related party transaction. In addition, during the year ended December 31, 2012, we paid $245,519 to Intrexon Corporation under the Exclusive Channel Collaboration Agreement. Included in Accounts Payable and Accrued Expenses as of December 31, 2012 was $269,994 relating to unpaid invoices received from Intrexon Corporation relating to work performed under the Exclusive Channel Collaboration Agreement. We entered into the Exclusive Channel Collaboration Agreement in order to develop and commercialize lantibiotics. As of December 31, 2012, Intrexon Corporation owned approximately 16% of our outstanding common stock. The Company’s Chairman, Dr. Frederick Telling, participated in the Company’s July 30, 2012 offering (see Note 9) and acquired 98,111 shares of our common stock. The participation of Dr. Telling was approved by the disinterested directors. |