Transactions with Related Parties |
9 Months Ended |
|---|---|
Sep. 30, 2015 | |
| Related Party Transactions [Abstract] | |
| Transactions with Related Parties |
Note 12 - Transactions with Related Parties
On February 23, 2015, the Company entered into an agreement with Dr. Gary Wilcox, the Company’s Chief Executive Officer, pursuant to which Dr. Wilcox agreed to terminate certain benefits under his employment agreement with the Company, entered into as of January 2, 2014. Prior to its termination, Dr. Wilcox’s employment agreement had provided for a base salary, target bonus, and stock options. Dr. Wilcox will continue to serve as a Senior Advisor to the Company and as a Board Director..Dr. Wilcox was paid $29,000 in the three months and $82,000 in the nine months ended September 30, 2015, in salary and benfits for these services.
The Company leases laboratory facilities and equipment, located in Tucker, Georgia, from C.S. Family, LLC, a limited liability company that is wholly owned by Raymond F. Schinazi, Chairman. This lease was in place with RFS Pharma prior to the Company’s acquisition of that entity and terminates December 31, 2016. The total rent expense was $55,000 and $165,000 for the three months and nine months ended September 30, 2015.
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