Commitments

6 Months Ended

Jun. 30, 2012

Commitments [Abstract]

COMMITMENTS

5. COMMITMENTS

Operating Lease Commitment

The Company leases approximately 1,597 square feet of laboratory and office space in Medford, Massachusetts at a monthly cost of $5,476 under a lease expiring on November 15, 2012.

On November 29, 2011, the Company entered into a commercial lease for 20,917 square feet of office, laboratory and manufacturing space in Cambridge, MA. The term of this lease is six years and three months, with one five-year extension option.

The terms of this lease require a standby letter of credit in the amount of $295,000 secured by a deposit with a commercial bank (see Note 3). Pursuant to the terms of the non-cancelable lease agreements in effect at June 30, 2012, future minimum rent commitments are as follows:

Year Ended December 31,
2012	$	421,826
2013		929,935
2014		950,852
2015		971,737
2016		992,648
2017 and thereafter		1,825,008
Total	$	6,092,006

Total rent expense for the six months ended June 30, 2012 and 2011, including month-to-month leases, was $215,000 and $207,000 respectively. Total rent expense for the three months ended June 30, 2012 and 2011, including month-to-month leases, was $114,000 and $84,000 respectively.

Other Commitments

In January 2012, the Company entered into a research contract with the Geisenger Health System under which the Company is obligated to pay Geisenger $150,000 for a pre-clinical study that will evaluate the Company’s hydrogel for the treatment of peripheral nerve injuries. During the first quarter of 2012, the Company made an up-front payment of $60,000 for this study and this cost was expensed to Research and Development. During the second quarter of 2012, the Company did not make any payments under this contract.