Subsequent Events

12 Months Ended

Dec. 31, 2013

Subsequent Events [Abstract]

Subsequent Events [Text Block]

12. Subsequent Events

Grant of Stock Options

In January 2014, the Company granted options for the purchase of 892,500 shares of its common stock to employees and non-employee directors. These grants had a weighted average exercise price of $4.63 per share, a weighted average fair value of $3.70 per share and were granted at an exercise price equal to or greater than the closing market value of the Company’s stock on the dates of grant.

Northera NDA Approval

In April 2013, at the direction of its Board of Directors, the Company implemented an Executive Retention Bonus Plan and an Employee Retention Bonus Plan. Under their respective plans, executives and employees employed by the Company as of April 23, 2013, are eligible to receive a bonus payment when the Company obtains approval from the FDA to market Northera in the U.S. (see Note 6). In addition, members of the Company’s Board of Directors are also eligible to receive a bonus payment upon FDA approval of Northera. As the approval was obtained in February 2014, the Company became obligated to make bonus payments of approximately $1.3 million in the aggregate to qualifying board members, executives and employees. Such amount was paid and recorded in the first quarter of 2014.

Upon obtaining FDA approval of Northera, the Company was obligated and made a milestone payment under its DSP Agreement (see Note 6) of $1.5 million. Such payment was made in February 2014.