XML 23 R13.htm IDEA: XBRL DOCUMENT v3.7.0.1
Research Grants And Agreements
6 Months Ended
Jun. 30, 2017
Research Grants And Agreements [Abstract]  
Research Grants And Agreements

8.   Research Grants and Agreements

Sponsored Research Agreement

The Company entered into a Sponsored Research Agreement (“SRA”) with the Old Dominion University Research Foundation (“ODURF”) during 2014 pursuant to which the Company sponsors research activities performed by ODURF’s Frank Reidy Center. ODURF is compensated by the Company for its conduct of each study in accordance with the budget and payment terms set forth in the applicable task order. During the second quarters of 2017 and 2016, the Company agreed to sponsor $740,000 and $1.0 million, respectively, in research during the subsequent 12-month period to be funded through monthly payments made upon ODURF certifying, to the Company’s reasonable satisfaction, that ODURF has met its obligations pursuant to the specified task order and statement of work. The principal investigator may transfer funds with the budget as needed without the Company’s approval so long as the obligations of ODURF under the task order and statement of work remain unchanged and unimpaired. In addition, during 2017, the Company agreed to provide $300,000 in research funding to researchers affiliated with ODURF and Eastern Virginia Medical School matching funds made available to those researchers by the Virginia Biosciences Health Research Corporation. The Company’s sponsorship affords access to certain intellectual property, if any, developed during the project. As of June 30, 2017, there was approximately $225,000 remaining under this sponsorship.

During the three-month periods ended June 30, 2017 and 2016, the Company paid and incurred costs relating to the SRA equal to $0 and $250,000, respectively. During the six-month periods ended June 30, 2017 and 2016, the Company paid and incurred costs relating to the SRA equal to $250,000 and $414,000, respectively.