In June 2015, the Company issued a promissory note in the amount of $100,000 to Pharmsynthez with a maturity date of July 31, 2015 and a stated interest rate of 8.00% per annum (the “Advance”). In July 2015, the Company repaid the promissory note and accrued interest in accordance with the terms of the promissory note.

In May 2011, the Company received a short term unsecured loan facility of up to $1.7 million from SynBio, a related party, of which $395,000 is outstanding as of June 30, 2015 and December 31, 2014, respectively (the “SynBio Loan”). The loan had an interest rate of 8.04% per annum as of the date of grant, with interest payable upon repayment of the loan, which was to be seven months after the closing date of the loan. During 2012 the loan matured and it was agreed by both parties that the loan can be called due with full repayment of the outstanding principal including accrued interest upon future agreement by both parties. It was also agreed that as of July 1, 2012, no further interest on the outstanding loan balance will be accrued. The loan is recorded in current liabilities as of June 30, 2015. The loan does not bear interest at the prevailing market rate for instruments with similar characteristics. Subsequent to June 30, 2015, the Company entered into a written deferral arrangement whereby SynBio agreed to defer all collections efforts or any default on the note until the earlier of January 31, 2016 or the Company’s completion of a $7 million financing.

The Company has various research, development, license and supply agreements with Baxalta, SynBio, Serum Institute and Pharmsynthez. Baxalta is a related party of the Company, with a share ownership in the Company of approximately 8.7% and 8.9% as of June 30, 2015 and 2014, respectively. SynBio is an affiliate of the Company, with a share ownership in the Company of approximately 41.6% and 40.3% as of June 30, 2015 and 2014, respectively. Serum Institute is a related party of the Company, with a share ownership in the Company of approximately 9.2% and 9.4% as of June 30, 2015 and 2014, respectively. Pharmsynthez is a related party of SynBio, which is an affiliate of the Company. In addition, one of the Company’s directors is also a director of SynBio and Pharmsynthez.