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TERM LOAN
12 Months Ended
Dec. 31, 2014
TERM LOAN.  
TERM LOAN

 

(10) TERM LOAN

        In December 2010, the Company entered into a loan and security agreement pursuant to which the Company borrowed $10.0 million under a term loan. In March 2011, the Company amended the loan agreement and borrowed an additional $5.0 million. In May 2013, the Company elected to prepay the outstanding principal under the term loan in full, pursuant to the terms of its loan agreement, as amended, and paid $8.8 million in principal and $0.7 million in interest, prepayment and final payment fees. The Company's obligations under the loan agreement had been collateralized by a first priority security interest in substantially all of its assets, other than its intellectual property. In connection with the repayment of the term loan and the termination of the loan agreement, those security interests were released. Interest expense on the term loan was $0.8 million and $1.5 million for the years ended December 31, 2013 and 2012, respectively.