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Subsequent Events
3 Months Ended
Mar. 31, 2012
Subsequent Events

Note 11—Subsequent Events

 

On April 13, 2012 the Company drew down the remaining $1.3 million under its existing convertible credit facility with Pyxis, an affiliate of Alticor Inc., and issued a convertible promissory note to Pyxis in that amount. The terms of the convertible promissory note are consistent with the terms set forth in Note 5 herein. The note bears interest at a variable rate equal to the “prime rate” and the interest is payable quarterly. Prior to the maturity date, any portion or the entire outstanding principal and any accrued but unpaid interest under the note is convertible at Pyxis’s election into shares of our common stock at a price of $5.6783 per share. Immediately following the issuance of the note on April 13, 2012, the total available credit line of $14.3 million was outstanding and together with any accrued interest is due and payable on June 30, 2012.

 

On April 25, 2012, the Company executed an amendment, effective as of March 31, 2012, to the Employment Agreement dated as of November 12, 2008 by and between the Company and Kenneth S. Kornman, its President and Chief Scientific Officer to extend the term through November 30, 2012.