OTHER LONG-TERM LIABILITIES

12 Months Ended

Dec. 31, 2015

OTHER LONG-TERM LIABILITIES

OTHER LONG-TERM LIABILITIES

(9) OTHER LONG-TERM LIABILITIES

        Other long-term liabilities include the following:

	December 31, 2015			December 31, 2014
	(In thousands)
Deferred Rent	$	409		$	482
Net Deferred Tax Liability related to IPR&D		4,661			4,661
Deferred Income from Sale of Tax Benefits		12,219			4,015
Deferred Revenue		4,368			5,297
Total		21,657			14,455
Less Current Portion		(4,418	)		(2,592	)
Long-Term Portion	$	17,239		$	11,863

        In November 2015, December 2014, January 2014, January 2013, January 2012 and January 2011, the Company received approval from the New Jersey Economic Development Authority and agreed to sell New Jersey tax benefits of $9.8 million, $1.9 million, $1.1 million, $0.8 million, $0.8 million and $0.6 million to an independent third party for $9.2 million, $1.8 million, $1.0 million, $0.8 million, $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 years ended December 31, 2015 and 2014, the Company recorded $1.0 million and $0.4 million to other income related to the sale of these tax benefits, respectively.