Subsequent Events

6 Months Ended

Jun. 30, 2014

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

The Company evaluated subsequent events through the date on which these financial statements were issued and determined that no subsequent event constituted a matter that required adjustment to the financial statements for the six months ended June 30, 2014.

On July 8, 2014, the Company's Board of Directors approved the recommendation of the Compensation Committee for the Company to enter into an Employment Agreement with Mr. Pascale. The Compensation Committee noted that Mr. Pascale has recently assumed the role of Chief Accounting Officer. Based upon his performance and continued commitment to the Company, the Committee has determined that his base pay be set at $154,000 per annum and issue him 50,000, 10-year options that vest one year after issuance. Other provisions within the agreement included Company paid health insurance premiums attributed to his spouse.

On June 25, 2014, we concluded strategic discussions in Johannesburg with Bioclones (Pty) Ltd. ("Bioclones"), a leading South African biotechnology company, with three principle goals; 1) initiating studies utilizing Ampligen(R) as a potential adjuvant enhancement of Bioclones' therapeutic cancer vaccine, currently in clinical trials in Cape Town, including pre-clinical studies followed, potentially, by a Phase 1 clinical trial; 2) seeking South African Medicine's Control Council approval to conduct trials using Alferon(R) to eradicate the HIV virus in patients highly responsive to anti-retroviral therapy (HAART); and 3) initiating a joint effort to obtain commercial registration of both Ampligen(R) and Alferon(R) in the South African markets.