In May 2011, the Company received a short term unsecured loan facility of up to $1.7 million from SynBio, an affiliate of the Company, of which $157,952 and $395,000 was outstanding as of March 31, 2016, and December 31, 2015, respectively. In connection with the APA, the Company made a series of payments during the first quarter of 2016 totaling $237,048 to creditors of Kevelt. Pursuant to the APA such payments are considered direct offsets to the loan with SynBio. No payments were made during the three months ended March 31, 2015. 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 as of July 1, 2012 that no further interest on the outstanding loan balance would be accrued. The loan is recorded in “Loans due to related parties” within current liabilities.

The Company has entered into 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 of approximately 8.0% and 8.9% as of March 31, 2016 and 2015, respectively. SynBio is an affiliate of the Company, with a share ownership of approximately 36.3% and 40.3% as of March 31, 2016 and 2015, respectively. Serum Institute is a related party of the Company, with a share ownership of approximately 8.5% and 9.4% as of March 31, 2016 and 2015, respectively. Pharmsynthez is a related party of SynBio, which is an affiliate of the Company. In addition, two of the Company’s directors hold leadership positions at SynBio and Pharmsynthez.