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PROMISSORY NOTE
9 Months Ended
Sep. 30, 2020
PROMISSORY NOTE  
PROMISSORY NOTE

NOTE 6 – PROMISSORY NOTE

In September 2020, the Company amended the outstanding $4.3 million promissory note payable to Pfizer by November 2020 to extend the maturity date to the earlier of (a) January 31, 2022 and (b) the date that the Company receive any milestone payment from Chiesi, if at all, subject to certain conditions and exceptions. The amendment also provides that the Company shall make a payment of $430,000 to Pfizer. The payment is creditable against the principal amount of the note, in whole or in part, if the Company satisfies the note in full on or prior to September 30, 2021, depending on the date the note is satisfied. The promissory note is presented under the short-term liabilities.