RELATED PARTY TRANSACTIONS

9 Months Ended

Sep. 30, 2013

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

NOTE 6 – RELATED PARTY TRANSACTIONS

On January 30, 2012, the Company entered into an exclusive license agreement with LFB Biotechnologies, GTC Biotherapeutics and LFB/GTC LLC, all wholly-owned subsidiaries of LFB Group, relating to the development of TG-1101 (the “License Agreement”). In connection with the License Agreement, LFB Group was issued 5,000,000 shares of Company Common Stock and a warrant to purchase 2,500,000 shares of Company Common stock at a purchase price of $0.001 per share. In addition, on November 9, 2012, the Company nominated Dr. Yann Echelard to the Company’s Board of Directors as LFB Group’s nominee. LFB Group maintains the right to nominate a board member until such time as LFB Group owns less than 10% of the outstanding Company Common Stock.

Under the terms of the Company’s License Agreement with LFB Group, the Company utilizes LFB Group for certain development and manufacturing services. The Company incurred approximately $6,068,000 and $2,034,000 during the nine and three months ended September 30, 2013, respectively, for manufacturing and development services, which have been included in other research and development expenses in the accompanying condensed consolidated statements of operations. As of September 30, 2013, the Company has approximately $3,079,000 recorded in accounts payable related to the aforementioned agreements with LFB Group.