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Subsequent Events
6 Months Ended
Jun. 30, 2018
Subsequent Events [Abstract]  
Subsequent Events

11. Subsequent Events

On July 2, 2018, the Company entered into a Loan and Security Agreement (the “Loan Agreement”) with Hercules Capital, Inc. pursuant to which a term loan of up to an aggregate principal amount of $25.0 million is available to the Company. The Loan Agreement provides for an initial term loan advance of $15.0 million, which closed on July 2, 2018, and, at the Company’s option, two additional term loan advances of $5.0 million each upon the occurrence of certain funding conditions prior to December 31, 2018 and December 31, 2019, respectively. The term loan bears interest at an annual rate equal to the greater of 9.25% and 9.25% plus the prime rate of interest minus 5.25%. The Loan Agreement provides for interest-only payments for eighteen months and repayment of the aggregate outstanding principal balance of the term loan in monthly installments starting on February 1, 2020 and continuing through August 1, 2021. In addition, the Company paid a fee of $250,000 upon closing and is required to pay a fee of 5.55% of the aggregate amount of advances under the Loan Agreement at maturity.

On April 3, 2017, the Company completed the sale of its Commercial Business to Ipsen S.A. (“Ipsen”). In connection with the sale, the Company retained the right to receive net milestone payments that may become payable related to the ex-U.S. development and commercialization of ONIVYDE for up to $33.0 million pursuant to a license and collaboration agreement (the “Baxalta Agreement”) between Baxalta Incorporated, Baxalta US Inc., Baxalta GmbH and Ipsen. Shire plc is the parent entity of the Baxalta entities. The net milestones are comprised of potential payments of $18.0 million from the sale of ONIVYDE in two additional major European countries, $5.0 million related to the sale of ONIVYDE in the first major non-European, non-Asian country and $10.0 million for the first patient dosed in a pivotal clinical trial in an indication other than pancreatic cancer. In August 2018, the Company received a payment of $18.0 million for the milestone related to the sale of ONIVYDE in two additional major European countries. To date, the Company has received $18.0 million of the potential $33.0 million in milestones under the Baxalta Agreement.