Related Party Transactions

12 Months Ended

Dec. 31, 2017

Note 15 – Related Party Transactions

Dr. Rajiv Modi, a director of the Company, is also the managing director of Cadila. The Company and Cadila formed a joint venture, CPLB (see Note 7). A subsidiary of Cadila owned 2.5 million shares of the Company’s outstanding common stock as of December 31, 2017. The Company and Cadila also entered into master services agreements, pursuant to which Cadila or CPLB may perform certain research, development and manufacturing services for the Company. For 2017, 2016 and 2015, the Company incurred $0.1 million, $0.4 million and $2.2 million, respectively, in expenses under the master services agreements. No amount was owed to CPLB under the master services agreement at December 31, 2017; however, the Company owed $0.1 million at December 31, 2016.

In July 2017, the Company entered into a consulting agreement with Dr. Sarah Frech, the spouse of Mr. Stanley C. Erck, the Company’s President, Chief Executive Officer and Interim Chief Financial Officer. Dr. Frech is a seasoned biotechnology executive with significant experience managing multiple clinical programs. Under the agreement, Dr. Frech provides clinical development and operations services related to the Company’s Phase 3 clinical trial of its RSV F Vaccine for infants via maternal immunization and other professional services. The agreement is scheduled to terminate in July 2018. In 2017, the Company incurred $0.2 million in consulting expenses under the agreement. The amount due and unpaid for services performed under the agreement at December 31, 2017 was less than $0.1 million.