Note 12 - Related Party Transactions

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

( 12 )  Related Party Transactions

In

August 2016,

the Company granted an option to purchase

5,027,726

shares of common stock, with

4

-year vesting period, to OPKO Health, Inc., or OPKO, as consideration for consulting services to be provided by OPKO in accordance with the consulting agreement entered into between the Company and OPKO. The unearned portion of the share-based compensation related to the OPKO option was revalued at

June 30, 2017,

and the Company recorded

$184,000

and

$306,000

as expense during the

three

and

six

months ended

June 30, 2017,

respectively. The term of the consulting agreement is

4

years and will be automatically renewed for successive

one

year periods. The chairman and chief executive officer of OPKO is a beneficial owner of more than

5%

of the outstanding shares of the Company’s common stock and OPKO itself is also a beneficial owner of more than

5%

of the outstanding shares of the Company’s common stock.