Annual report pursuant to Section 13 and 15(d)

Long-Term Debt / Note Payable (Tables)

v2.4.0.8
Long-Term Debt / Note Payable (Tables)
12 Months Ended
Dec. 31, 2012
Long-Term Debt / Note Payable [Abstract]  
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