| Long-Term Debt / Note payable |
| |
|
|
|
|
|
|
|
|
| |
|
December 31,
2012 |
|
|
December 31,
2011 |
|
|
Loan and Security Agreement with financial institutions for aggregate of $5,000,000 with 9.9% interest payable monthly through
September 2012; principal and interest payable monthly for the 30 months thereafter maturing on April 1, 2015, collateralized by all the assets of the Company and subject to certain financial covenant restrictions including minimum revenue
requirements
|
|
$ |
— |
|
|
$ |
5,000,000 |
|
| |
|
|
|
Revenue Interest Purchase Agreement with 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.
|
|
|
21,580,252 |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
Total debt
|
|
|
21,580,252 |
|
|
|
5,000,000 |
|
|
Less unamortized debt discount
|
|
|
— |
|
|
|
(161,529 |
) |
|
Less current portion
|
|
|
— |
|
|
|
(434,734 |
) |
| |
|
|
|
|
|
|
|
|
|
Long-term portion
|
|
$ |
21,580,252 |
|
|
$ |
4,403,737 |
|
| |
|
|
|
|
|
|
|
|
|