OTHER LONG-TERM LIABILITIES

12 Months Ended

Dec. 31, 2012

OTHER LONG-TERM LIABILITIES

OTHER LONG-TERM LIABILITIES

(8) OTHER LONG-TERM LIABILITIES

        Other long-term liabilities include the following:

	December 31, 2012			December 31, 2011
	(In thousands)
Deferred Rent	$	434		$	435
Net Deferred Tax Liability related to IPR&D		4,661			4,661
Deferred Income from Sale of Tax Benefits		1,118			510
Loan Payable		472			527
Other		39			52
Total		6,724			6,185
Less Current Portion		(388	)		(219	)
Long-Term Portion	$	6,336		$	5,966

        In January 2012 and 2011, the Company received approval from the New Jersey Economic Development Authority and agreed to sell New Jersey tax benefits worth $0.8 million and $0.6 million to an independent third party for $0.7 million and $0.5 million, respectively. Under the agreement, the Company must maintain a base of operations in New Jersey for five years or the tax benefits must be paid back on a pro-rata basis based on the number of years completed. During the year ended December 31, 2012, the Company recorded $0.1 million to other income related to the sale of these tax benefits.

        In December 2003, the Company entered into a lease with the Massachusetts Development Finance Agency whereby the Company received a loan to finance the build-out of its manufacturing facility in Fall River, Massachusetts. Principal and interest payments on the loan are due monthly using an amortization period of 15 years and interest accrues at a rate of 5.5% per annum. The Company is obligated to repay the following principal amounts for the loan as follows (in thousands):

2013	$	53
2014		60
2015		63
2016		66
2017		70
Thereafter		160
Total	$	472