Note 11 - Grant Funding	3 Months Ended
Mar. 31, 2017
Notes to Financial Statements
Grant Funding [Text Block]	(1 1 ) Grant Funding In June 2016, the Company entered into a grant agreement with Maryland Technology Development Corporation, or TEDCO. TEDCO was created by the Maryland State Legislature in 1998 to facilitate the transfer and commercialization of technology from Maryland’s research universities and federal labs into the marketplace. TEDCO administers the Maryland Stem Cell Research Fund to promote State funded stem cell research and cures through financial assistance to public and private entities operating within the State. Under the agreement, TEDCO has agreed to provide the Company an amount not to exceed $750,000 to be used solely to finance the costs to conduct the research project entitled “Heart Failure Trial” over a period of three years. In the fourth quarter of 2016, the Company received approximately $312,000 under the grant which will be accounted for as a reduction to research and development expenses as the related qualifying costs are incurred. Approximately $27,000 of the qualifying costs had been incurred as of March 31, 2017. The remaining $285,000 is recorded as grant liability on the condensed consolidated balance sheet at March 31, 2017. The amount is recorded as a liability as the amounts are refundable, should a default by the Company, as defined in the agreement, occur prior to incurring the qualifying costs.

) Grant Funding

June

2016,

the Company entered into a grant agreement with Maryland Technology Development Corporation, or TEDCO. TEDCO was created by the Maryland State Legislature in

1998

to facilitate the transfer and commercialization of technology from Maryland’s research universities and federal labs into the marketplace. TEDCO administers the Maryland Stem Cell Research Fund to promote State funded stem cell research and cures through financial assistance to public and private entities operating within the State. Under the agreement, TEDCO has agreed to provide the Company an amount not to exceed

$750,000

to be used solely to finance the costs to conduct the research project entitled “Heart Failure Trial” over a period of

three

years.

In the

fourth

quarter of

2016,

the Company received approximately

$312,000

under the grant which will be accounted for as a reduction to research and development expenses as the related qualifying costs are incurred. Approximately

$27,000

of the qualifying costs had been incurred as of

March

31,

2017.

The remaining

$285,000

is recorded as grant liability on the condensed consolidated balance sheet at

March

31,

2017.

The amount is recorded as a liability as the amounts are refundable, should a default by the Company, as defined in the agreement, occur prior to incurring the qualifying costs.