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Related Party Transactions
9 Months Ended
Sep. 30, 2016
Related Party Transactions [Abstract]  
Related Party Transactions
Related Party Transactions
The Company leases a manufacturing, laboratory, and office facility in Winnipeg, Manitoba, from an affiliate of a director of the Company, under a five year renewable lease through September 2020. Rent expense was $9,000 for the period beginning September 20, 2016 (the acquisition date) through September 30, 2016.
The Company leases an office facility in Toronto, Ontario from an affiliate of a director of the Company. The lease is on a month-to-month basis unless terminated by either party by giving the requisite notice. Rent expense for this facility was $1,000 for the period beginning September 20, 2016 (the acquisition date) through September 30, 2016.
The Company pays fees, under an intellectual property license agreement, to Protoden, a company indirectly owned by a director of the Company, Clairmark Investments Ltd., under an intellectual property licensing agreement. Pursuant to the agreement, the Company has an exclusive, perpetual, irrevocable and non-royalty bearing license, with the right to sublicense, under certain patents and technology to make, use and sell products that utilize such patents and technology. The annual fee is $100,000. Upon expiration of the term, the licenses granted to the Company will require no further payments to Protoden. As of September 30, 2016, $3,000 was owed to this related party and included in the current portion of due to related party on the accompanying consolidated balance sheet.
In connection with the forgiveness of certain debt held by Viventia immediately preceding the Acquisition, the Company irrevocably assigned and set over the right to receive up to $814,000 in the form of research and development investment tax credits to and in favour of Clairmark Investments Ltd., an affiliate of a director of the Company. As of September 30, 2016, $697,000 is included in the current portion of due to related party and $117,000 is included in the non-current portion of due to related party on the accompanying consolidated balance sheet.