Related Parties

12 Months Ended

Dec. 31, 2012

Related Parties

Related Parties

11. Related Parties

As of December 31, 2012, Synergy’s principal shareholder, Callisto, owns 34% of its outstanding shares.

As of December 31, 2012, Synergy had advanced Callisto $3,305,636, which is Callisto’s share of Synergy payments for common operating costs since July 2008. This indebtedness is evidenced by an unsecured promissory note which bears interest at 6% per annum. Interest income earned on this note totaled approximately $148,000 and $84,000 during the twelve months ended December 31, 2012 and 2011, respectively.

As of December 31, 2012 and December 31, 2011, the balances due from Callisto Pharmaceuticals, Inc. are comprised of the following amounts:

($ in thousands)

	December 31, 2012		December 31, 2011
Rent, utilities, and property taxes	$	123	$	90
Insurance and other facilities related overhead	344		250
Independent accountants and legal	935		510
Financial printer and transfer agent fees	427		217
Salaries and consulting fees	344		289
Income Taxes	325		—
Merger fairness opinion	270		—
Working capital advances, net of repayments	538		186
Total due from Callisto	$	3,306	$	1,542

Upon consummation of the Merger the related party balances due from Callisto was eliminated and charged to Synergy’s equity (See Note 3. above).