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RELATED PARTIES
6 Months Ended
Jun. 30, 2015
Related Party Transactions [Abstract]  
RELATED PARTIES

NOTE 11—RELATED PARTIES

On June 1, 2009, the Company entered into a services agreement with Two River Consulting, LLC (“TRC”) to provide various clinical development, operational, managerial, administrative, accounting and financial services to the Company. The Company’s Chairman of the Board of Directors, CEO and President, a director of the Company, and the Company’s Secretary are each partners of TRC. The costs incurred for these services were $75,000 and $110,000 for the three months ended June 30, 2015, and 2014, respectively and were $150,000 and $180,000 for the six months ended June 30, 2015 and 2014, respectively.      

In addition, from time to time, some of the Company’s expenses are paid by TRC. The Company reimburses TRC for these expenses and no interest is charged on the outstanding balance. Reimbursable expenses were $6,073 and $6,208 for the three months ended June 30, 2015 and 2014, respectively and were $11,944 and $24,209 for the six months ended June 30, 2015 and 2014, respectively.      

As of June 30, 2015 and December 31, 2014, the Company had a payable to TRC of $81,073 and $77,988, respectively. The amounts are recorded as other current liabilities on the balance sheet. All balances owed as of December 31, 2014 were paid in full during the first quarter of 2015 and all balances owed as of June 30, 2015 were paid in full during the third quarter of 2015.