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Commitments
3 Months Ended
Mar. 31, 2012
Commitments

6. Commitments

 

The Company had no material commitments for capital expenses as of March 31, 2012.The following table represents our contractual obligations and commitments at March 31, 2012 (in thousands of U.S. dollars):

 

    Less than
1 year
    1-3
years
    Total  
                   
OCT Clinical Service Agreement (1)   $ 360     $ 36     $ 396  
Database Integration Service Agreement (2)     109       -       109  
Drug purchase commitments (3)     9       -       9  
Total   $ 478     $ 36     $ 514  

 

(1) Under the service agreement with OCT Group LLC entered in August 2010, we are required to make several payments over the course of our Phase II clinical trial in Russia.  The payments will be made upon the fulfillment of several milestones during the planned clinical trial including: regulatory approval of trial, enrollment of patients and the completion of therapy of patients.  The Company amended the agreement in April 2011 and August 2011 for the addition of additional sites for OCT to service during the Phase II clinical trial.
  (2) Under the service agreement with Database Integrations entered in December 2010, we are required to make several payments over the course of our Phase II clinical trial in Russia.  The payments will be made upon the fulfillment of several milestones during the planned clinical trial including: EDC live, time and completion of enrollment.
  (3) Commitments to our third party manufacturing vendors that supply drug substance primarily for our clinical studies.