6. NOTE PAYABLE	4 Months Ended
Dec. 31, 2012
Debt Disclosure [Abstract]
NOTE PAYABLE	On December 20, 2012, the Company entered into a loan agreement with HealthCare Royalty Partners ("HC Royalty"), as lender, under which it agreed to borrow $50.0 million in two $25.0 million tranches (the “HC Royalty Loan”) and it has drawn the first tranche in the amount of $25.0 million. The Company’sloan agreement with HC Royalty includes a variety of affirmative and negative covenants, including the use of commercially reasonable efforts to exploit RP103 in specific markets and compliance with laws, as well as restrictions on mergers and sales of assets, incurrence of liens, incurrence of indebtedness and transactions with affiliates and other requirements. To secure the performance of our obligations under the HC Royalty Loan, the Company granted a security interest to HC Royalty in substantially all of its assets, the assets of its subsidiaries and a pledge of stock of certain of its subsidiaries. The Company’sfailure to comply with the terms of the HC Royalty Loan agreement and related documents, the occurrence of a change of control of the Company or the occurrence of an uncured material adverse effect on the Company, or Raptor Pharmaceuticals, or the occurrence of certain other specified events, could result in an event of default under the HC Royalty Loan agreement that, if not cured or waived, could result in the acceleration of the payment of all of its indebtedness to HC Royalty and interest thereon. Under the terms of the security agreement, in an event of default, the lender could potentially take possession of, foreclose on, sell, assign or grant a license to use, the Company’spledged collateral and assign and transfer the pledged stock of certain of its subsidiaries. Further, HC Royalty may terminate its commitment to fund the second $25.0 million tranche upon the occurrence of any such event prior to the funding of such tranche. As of December 31, 2012, the loan balance was $25.0 million. The loan bears interest at an annual fixed rate of 10.75% and there is a synthetic royalty component based on sales of products in a calendar year, and such royalty is payable quarterly. As of December 31, 2012 there were no royalty payments since the Company had no approved products that generate revenue. Upon regulatory approval, if at all, of RP103 for cystinosis, such synthetic royalty will be due to HC Royalty. Principal payments under the HC Royalty Loan will become due beginning on the ninth quarterly payment date occurring after the date the second $25.0 million tranche is funded (if at all) and, in the case of the first tranche loan, in no event later than March 31, 2017. Debt issuance costs, which were capitalized and included in other long-term assets in the Company's consolidated balance sheets, are being amortized over the life of the loan using the interest method. Unamortized debt issuance costs totaled $2.0 million as of December 31, 2012. Amortization expense was nominal for the four months ended December 31, 2012.

6. NOTE PAYABLE

4 Months Ended

Dec. 31, 2012

On December 20, 2012, the Company entered into a loan agreement with HealthCare Royalty Partners ("HC Royalty"), as lender, under which it agreed to borrow $50.0 million in two $25.0 million tranches (the “HC Royalty Loan”) and it has drawn the first tranche in the amount of $25.0 million. The Company’sloan agreement with HC Royalty includes a variety of affirmative and negative covenants, including the use of commercially reasonable efforts to exploit RP103 in specific markets and compliance with laws, as well as restrictions on mergers and sales of assets, incurrence of liens, incurrence of indebtedness and transactions with affiliates and other requirements. To secure the performance of our obligations under the HC Royalty Loan, the Company granted a security interest to HC Royalty in substantially all of its assets, the assets of its subsidiaries and a pledge of stock of certain of its subsidiaries. The Company’sfailure to comply with the terms of the HC Royalty Loan agreement and related documents, the occurrence of a change of control of the Company or the occurrence of an uncured material adverse effect on the Company, or Raptor Pharmaceuticals, or the occurrence of certain other specified events, could result in an event of default under the HC Royalty Loan agreement that, if not cured or waived, could result in the acceleration of the payment of all of its indebtedness to HC Royalty and interest thereon. Under the terms of the security agreement, in an event of default, the lender could potentially take possession of, foreclose on, sell, assign or grant a license to use, the Company’spledged collateral and assign and transfer the pledged stock of certain of its subsidiaries. Further, HC Royalty may terminate its commitment to fund the second $25.0 million tranche upon the occurrence of any such event prior to the funding of such tranche.

As of December 31, 2012, the loan balance was $25.0 million. The loan bears interest at an annual fixed rate of 10.75% and there is a synthetic royalty component based on sales of products in a calendar year, and such royalty is payable quarterly. As of December 31, 2012 there were no royalty payments since the Company had no approved products that generate revenue. Upon regulatory approval, if at all, of RP103 for cystinosis, such synthetic royalty will be due to HC Royalty. Principal payments under the HC Royalty Loan will become due beginning on the ninth quarterly payment date occurring after the date the second $25.0 million tranche is funded (if at all) and, in the case of the first tranche loan, in no event later than March 31, 2017.

Debt issuance costs, which were capitalized and included in other long-term assets in the Company's consolidated balance sheets, are being amortized over the life of the loan using the interest method. Unamortized debt issuance costs totaled $2.0 million as of December 31, 2012. Amortization expense was nominal for the four months ended December 31, 2012.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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