OPERATING LEASE COMMITMENTS

12 Months Ended

Dec. 31, 2013

Notes to Financial Statements

Note 5. OPERATING LEASE COMMITMENTS

The Company leases approximately 37,000 square feet of manufacturing, laboratory and office space in a single-story building located in Franklin, Massachusetts under a lease expiring October 31, 2017.

The Company also leases approximately 7,900 square feet of corporate office space in a multi-story building located in Philadelphia, Pennsylvania under a lease expiring May 31, 2017.

The Company also leases a corporate apartment in Franklin, Massachusetts through November 21, 2014 (with the right to early termination) and a corporate apartment in Philadelphia, Pennsylvania on a month-to-month basis.

Future minimum lease payments for each of the next five years under these operating leases at December 31, 2013 are approximately as follows:

	Franklin		Philadelphia		Total
Year Ending December 31,
2014	$	439,000	$	191,000	$	630,000
2015		444,000		191,000		635,000
2016		455,000		196,000		651,000
2017		382,000		82,000		464,000
2018		—		—		—
Total	$	1,720,000	$	660,000	$	2,380,000

The Company’s facilities lease expense was approximately $677,000, $339,000 and $224,000 for the years ended December 31, 2013, 2012 and 2011, respectively.