Related-Party Transactions

9 Months Ended

Sep. 30, 2013

Text Block [Abstract]

Related-Party Transactions

10. Related-Party Transactions

The notes issued in 2012 are due to holders of the Company’s convertible preferred stock. Interest expense on those obligations for the three months and nine months ended September 30, 2013 was $266,000 and $488,000, respectively, and is classified as a current obligation on the Company’s balance sheets (Note 5).

On September 6, 2013, the Company terminated its agreement to exclusively license to Novaer the Company’s intellectual property for non-ophthalmic indications. As of September 6, 2013, the Company owns all of the worldwide rights to the Company’s current product candidates for all indications, both ophthalmic and non-ophthalmic.