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6. GRANTS
12 Months Ended
Dec. 31, 2018
Research and Development [Abstract]  
GRANTS

6. GRANTS

 

In June 2016, the German State of Schleswig-Holstein granted PBAG approximately 874,000 Euros (approximately $1,047,000) for further research and development of the Company's pharmaceutical product Elafin (the “Grant”). The Grant covers 50% of eligible research and development costs incurred from December 1, 2015 through November 30, 2019. Research and development expenses for the years ended December 31, 2018 and 2017 were reduced by approximately $306,000 and $191,000, respectively, for Grant funds received and accrued during those periods. Approximately €32,800 ($38,000) and €9,500 ($11,000) of additional eligible expenses were incurred during the years ended December 31, 2018 and 2017, respectively, that were not reimbursed by the respective year end. These receivables are included in the accompanying consolidated balance sheets as grant funds receivable.