Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

Related Party Transactions
9 Months Ended
Sep. 30, 2017
Related Party Transactions [Abstract]  
Related Party Transactions

Note 2 - Related Party Transactions




On February 11, 2002, the Company entered into a License, Development and Commercialization Agreement with Sloan-Kettering Institute of Cancer Research (“SKI”), an entity related to Memorial Sloan-Kettering Cancer Institute, Inc. (“MSKCC”).  The agreement was amended in August 2006.  Pursuant to the agreement, the Company licensed certain intellectual property from SKI, including critical patents with respect to the Company’s core technology that also supports ongoing research and clinical development of related drug candidates.  MSKCC agreed, subject to certain conditions, to utilize the funds paid for certain clinical and preclinical programs and activities related to the Company’s drug development and clinical study programs, including the payment of certain costs and expenses that would otherwise have been borne by the Company.


The Company is obligated to make the following milestone payments:


Milestones   Payments  
(1) filing of an New Drug Application (“NDA”) or regulatory approval for each licensed product   $ 750,000  
(2) upon the receipt of regulatory approval from the U.S. FDA for each licensed product     1,750,000  


Under the agreement, the Company shall pay to MSKCC on a country-by-country basis a royalty of 2% of net sales of all licensed products until the later of: (1) 10 years from the first commercial sale, or (2) when the patents expire.


For each of the nine months ended September 30, 2017 and 2016, the Company incurred approximately $0.1 million for maintenance fees and research conducted by MSKCC. As of September 30, 2017 and December 31, 2016, $0 was due to MSKCC.