Subsequent Events

3 Months Ended

Mar. 31, 2014

Subsequent Events [Abstract]

Subsequent Events

11. Subsequent Events

In April 2014, the Company’s majority owned subisidiary, Silver Creek, named a new Chief Executive Officer and made changes to its Board of Directors. The Company is currently analyzing what effect these changes will have, if any, on the consolidation of Silver Creek for financial reporting purposes.

In May 2014, the Company received an award of $0.6 million of tax incentives from the Massachusetts Life Sciences Center, which will allow the Company to monetize approximately $0.6 million of state research and development tax credits. In exchange for these incentives, the Company pledged to hire an incremental 31 employees and to maintain the additional headcount through at least December 31, 2018. Failure to do so could result in the Company being required to repay some or all of these incentives. The Company has deferred and will amortize the benefit of this monetization on a straight-line basis over the five-year performance period, commencing with a cumulative catch-up when the pledge is achieved.