Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.8.0.1
Commitments and Contingencies (Tables)
9 Months Ended
Sep. 30, 2017
Commitments and Contingencies [Abstract]  
Summary of milestone payments
Milestones   Date Met   Payments  
           
(1) when Company initiates a Phase 1 Clinical Trial of a licensed product   July 2012   $ 750,000  
(2) when Company initiates a Phase 2 Clinical Trial of a licensed product   September 2016     750,000  
(3) when Company initiates a Phase 3 Clinical Trial of a licensed product   In future     1,500,000  
(4) Biological License Application filing with U.S. FDA   In future     1,750,000  
(5) First commercial sale   In future     1,500,000  
(6) after the first $10,000,000 in net sales   In future     1,500,000  
Total       $ 7,750,000  
Schedule of future minimum obligations on the lease

 

For the year ending December 31:      
2018   $ 431,085  
2019     431,594  
2020     431,958  
2021     431,958  
Thereafter     323,969  
Total   $ 2,050,564