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Subsequent Events
6 Months Ended
Jun. 30, 2012
Subsequent Events

13. Subsequent Events

 

Under the Non-Exclusive License Agreement, dated March 5, 2010, between GlaxoSmithKline, LLC and the Company, the Company is entitled to receive specified milestone payments upon the achievement of certain milestone events.  On July 27, 2012, one of these payment triggering events occurred and as a result the Company was paid $500,000 on August 10, 2012.

  

As referenced in Note 5, the Company leases 1,460 square feet of office space in Frederick, Maryland, where certain administrative functions were performed. The Company moved the administrative functions performed out of this office primarily to its Los Angeles facilities and closed the Maryland office on July 31, 2012. The Company is working with the landlord of the Maryland office to find a replacement tenant for the space so that the Company can be released from its obligations under this lease.