Quarterly report pursuant to Section 13 or 15(d)

Notes Payable (Tables)

v2.4.0.8
Notes Payable (Tables)
9 Months Ended
Sep. 30, 2013
Debt Disclosure [Abstract]  
Notes Payable

Notes Payable consists of the following:

 

     September 30,
2013
(unaudited)
     December 31,
2012
 

Revenue Interest Purchase Agreement with PDL BioPharma, Inc. (“PDL”) for aggregate of $20,800,000 with amounts payable monthly at 9.95% of Net Revenues through September 2014; and the greater of (i) 9.95% of product revenue or (ii) specific quarterly amounts varying from approximately $1.3 million to $2.5 million per quarter through September 2020. The minimum annual payment amounts are as follows: 2014—$1,250,805, 2015—$6,781,440, 2016—$9,232,642, 2017 and 2018—$9,000,000, 2019—$9,063,000 and 2020—$6,939,000.

   $ 24,332,525      $ 21,580,252   
  

 

 

    

 

 

 

Long-term Notes Payable

   $ 24,332,525       $ 21,580,252