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Related Party

9 Months Ended

Sep. 30, 2013

NOTE 9 – Related Party

In April 2012, the Company issued Merck Global Health Innovation Fund, LLC 3,000 shares of Series C-1 Preferred Stock which are convertible into 249,107 shares of common stock and Series C-1 Warrants which are exercisable to purchase 136,132 shares of common stock. Revenues generated from Merck were $164,171 and $966,190 for the nine months ended September 30, 2013 and 2012, respectively and $34,736 and $265,655 for the three months ended September 30, 2013 and 2012, respectively. The accounts receivable balance due from Merck was $20,532 and $96,096 as of September 30, 2013 and December 31, 2012, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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