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11. Related Party Transactions
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3 Months Ended |
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Mar. 31, 2015
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| Related Party Transactions [Abstract] | |
| Related Party Transactions |
In May 2011, the Company received a short term unsecured loan facility of up to $1.7 million from SynBio, an affiliate party, of which $395,000 is outstanding as of March 31, 2015 and December 31, 2014. The loan had an interest rate of 8.04% 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 principle including accrued interest upon future agreement by both parties. It was also agreed at this point 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 March 31, 2015 and December 31, 2014. The loan does not bear interest at the prevailing market rate for instruments with similar characteristics.
The Company has entered into various research, development, license and supply agreements with Baxter, SynBio, Serum Institute and Pharmsynthez. Baxter is a related party of the Company, with a share ownership of approximately 8.7% and 8.9% as of March 31, 2015 and 2014, respectively. SynBio is an affiliate of the Company, with a share ownership of approximately 41.6% and 40.3% as of March 31, 2015 and 2014, respectively. Serum Institute is a related party of the Company, with a share ownership of approximately 9.2% and 9.4% as of March 31, 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. |