Note 5 - Commitments and Contingencies |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Notes to Financial Statements | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Text Block] |
In July 2015, the Company entered into a manufacturing services agreement with Lonza Ltd, or (“Lonza”) for the processing, development and manufacturing of the active pharmaceutical ingredient (“API”) in its lead product candidate, vonapanitase. Under the agreement, the Company will issue purchase orders authorizing Lonza to manufacture API batches and will pay for the services and batches in accordance with terms and assumptions in the agreement and to be set forth in a project plan. As of September, 30, 2017, the Company has issued a purchase order for 7.6 million Swiss Francs, approximately $7.8 million at current exchange rates, for the manufacturing of three batches that commenced in July 2017 and one batch to commence by the end of 2019. As of September 30, 2017, nearly all of the services related to the three batches that commenced in July 2017 have been rendered under this purchase order.Future minimum payments required under operating leases as of September 30, 2017 are summarized as follows (in thousands):
In addition to the base rent, the Company is also responsible for its share of operating expenses and real estate taxes, in accordance with the terms of the lease agreement. In August 2017, the Company extended its lease until September 30, 2019. Pursuant to the lease amendment, the Company has provided a security deposit in the amount of $22,000 to the lessor.Restricted cash related to facilities leases As of September, 30, 2017 and December 31, 2016, the Company had $22,000 September, 30, 2017 and December 31, 2016, the Company pledged an aggregate of $22,000 |