Related Party Transactions

12 Months Ended

Dec. 31, 2014

Related Party Transaction, Due from (to) Related Party [Abstract]

Related Party Transactions

Related Party Transactions

Shell and Raízen

As discussed in Note 4, “Collaborative Research and Development Agreements,” Shell transferred full ownership of our common stock held by it to Raízen, Shell’s joint venture with Cosan S.A., ("Cosan"), in Brazil, in June 2011. Upon Shell’s transfer of ownership interest to Raízen in 2011, Raízen owned 5.6 million shares of our common stock. In July 2011, we appointed Pedro Mizutani to the Board. Mr. Mizutani also serves as the Chief Operating Officer of Raízen S.A. and other affiliated companies as well as a director of Cosan. At a regularly scheduled meeting of the Board held on November 6, 2014, Pedro Mizutani resigned from the Board effective November 6, 2014. There were no related party transactions with either Raízen or Cosan for the years ended December 31, 2014, 2013 and 2012.

Exela PharmSci, Inc.

We signed a commercialization agreement with Exela in 2007, whereby Exela agreed to pay to us a contractual percentage share of Exela’s net profit from the sales of licensed products.

Thomas R. Baruch, one of our directors, also serves on the board of directors of Exela. In addition, Mr. Baruch is a limited partner in CMEA Ventures, which owns more than 10% of Exela’s outstanding capital stock. As such, Mr. Baruch has an indirect pecuniary interest in the shares of Exela held by CMEA Ventures.

We recognized $7.3 million in 2014 and $4.6 million in 2013 and $0.2 million in 2012, shown in the consolidated statement of operations as revenue sharing arrangement. We had no receivables from Exela at December 31, 2014 and $0.4 million at December 31, 2013.

Alexander A. Karsner

Alexander A. Karsner was a member of the Board until the expiration of his term at the close of our Annual Meeting of Stockholders on June 11, 2014. In addition, Mr. Karsner provided consulting services to us beginning in 2011 through June 30, 2014. Amounts paid to Mr. Karsner for consulting services was $60,000 in 2014 and $120,000 in 2013, and there was no amount owed as of December 31, 2014 and 2013.