Commitments and Contingencies

3 Months Ended

Mar. 31, 2015

Commitments and Contingencies

Commitments and Contingencies

9.Commitments and Contingencies

Commitments

The Company has an operating lease for office and laboratory space located in Bridgewater, NJ that terminates in November 2019. Future minimum rental payments under this lease are $3.4 million. The Company also leases office space in Richmond, VA, where the Company’s corporate headquarters were previously located, through October 2016. Future minimum rental payments under this lease total approximately $0.8 million. During 2011, the Company recorded a net present value charge of $1.2 million in general and administrative expenses associated with vacating the Richmond facility. The remaining accrual for this charge was $0.4 million as of March 31, 2015. In December 2014, the Company entered into an agreement to sublet this space for the remainder of the lease term.

Rent expense charged to operations was $0.2 million and $0.3 million for the three months ended March 31, 2015 and 2014, respectively.  Future minimum rental payments required under the Company’s operating leases for the period from April 1, 2015 to December 31, 2015 and for each of the next five years are as follows (in thousands):

Year Ending in December 31:

2015 (remaining)	$	872
2016	1,144
2017	741
2018	762
2019	718
2020	—
	$	4,237

Legal Proceedings

From time to time, the Company is a party to various other lawsuits, claims and other legal proceedings that arise in the ordinary course of business.  While the outcomes of these matters are uncertain, management does not expect that the ultimate costs to resolve these matters will have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows.