x
|
QUARTERLY
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF
1934
|
o
|
TRANSITION
REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE
ACT
|
Delaware
|
91-1955323
|
|
(State
or other jurisdiction of incorporation or organization)
|
(I.R.S.
Employer Identification No.)
|
1050
Winter Street, Suite 1000, Waltham, MA
|
02451
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
PAGE NO.
|
||
PART
I. FINANCIAL INFORMATION
|
||
Item
1.
|
Financial
Statements:
|
|
Condensed
Balance Sheets as of September 30, 2007 (unaudited) and December
31, 2006
(audited)
|
3
|
|
Condensed
Statements of Operations for the three and nine months ended September
30,
2007 and 2006 (restated) and from inception to September 30, 2007
(all
unaudited)
|
4
|
|
Condensed
Statements of Cash Flows for the nine months ended September 30,
2007 and
2006 (restated) and from inception to September 30, 2007 (all
unaudited)
|
5
|
|
Condensed
Statement of Stockholders’ Equity from August 23, 2000 (inception) to
September 30, 2007 (unaudited)
|
6
|
|
Notes
to Condensed Financial Statements
|
11
|
|
Item
2
|
Management’s
Discussion and Analysis or Plan of Operation
|
18
|
Item 3(A)T
|
Controls
and Procedures
|
32
|
PART
II. OTHER INFORMATION
|
||
Item
1.
|
Legal
Proceedings
|
33
|
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
33
|
Item
3.
|
Defaults
Upon Senior Securities
|
33
|
Item
4.
|
Submission
of Matters to a Vote of Security Holders
|
33
|
Item
5.
|
Other
Information
|
34
|
Item
6.
|
Exhibits
|
34
|
SIGNATURES
|
35
|
ARBIOS
SYSTEMS, INC.
|
(A
Development Stage Company)
|
CONDENSED
BALANCE SHEETS
|
September
30,
|
December
31,
|
||||||
2007
|
2006*
|
||||||
ASSETS
|
(Unaudited)
|
||||||
Current
assets
|
|||||||
Cash
and cash equivalents
|
$
|
3,690,026
|
$
|
2,054,280
|
|||
Prepaid
expenses
|
50,775
|
147,163
|
|||||
Total
current assets
|
3,740,801
|
2,201,443
|
|||||
Net
property and equipment
|
50,698
|
73,110
|
|||||
Patent
rights, net of accumulated amortization of $129,254 and $113,894,
respectively
|
137,413
|
152,773
|
|||||
Other
assets
|
76,014
|
62,827
|
|||||
Total
assets
|
$
|
4,004,926
|
$
|
2,490,153
|
|||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|||||||
Current
liabilities
|
|||||||
Accounts
payable
|
$
|
385,264
|
$
|
310,162
|
|||
Accrued
expenses
|
681,214
|
132,073
|
|||||
Total
current liabilities
|
1,066,478
|
442,235
|
|||||
Long
term contract obligations
|
250,000
|
-
|
|||||
Accrued
warrant liability
|
-
|
763,654
|
|||||
Total
liabilities
|
1,316,478
|
1,205,889
|
|||||
Stockholders'
equity
|
|||||||
Preferred
stock, $.001 par value; 5,000,000 shares authorized:
|
|||||||
none
issued and outstanding
|
-
|
-
|
|||||
Common
stock, $.001 par value; 100,000,000 shares authorized; 25,578,461
and
17,460,181
|
|||||||
shares
issued and outstanding at September 30, 2007 and December 31,
2006,
respectively
|
25,578
|
17,460
|
|||||
Additional
paid-in capital
|
20,931,139
|
14,507,939
|
|||||
Deficit
accumulated during the development stage
|
(18,268,269
|
)
|
(13,241,135
|
)
|
|||
Total
stockholders' equity
|
2,688,448
|
1,284,264
|
|||||
Total
liabilities and stockholders' equity
|
$
|
4,004,926
|
$
|
2,490,153
|
* |
Balance
sheet information at December 31, 2006 is derived from audited financial
statements.
|
ARBIOS
SYSTEMS, INC.
|
(A
Development Stage Company)
|
CONDENSED
STATEMENTS OF OPERATIONS
|
(Unaudited)
|
For
the three months ended September 30,
|
For
the nine months ended September 30,
|
Inception
to
|
||||||||||||||
2007
|
2006
(Restated)
|
2007
|
2006
(Restated)
|
September
30, 2007
|
||||||||||||
Revenues
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
320,966
|
||||||
Operating
expenses:
|
||||||||||||||||
General
and administrative
|
1,025,108
|
753,604
|
2,651,264
|
2,210,018
|
10,973,353
|
|||||||||||
Research
and development
|
422,743
|
469,316
|
1,982,747
|
1,280,869
|
7,795,923
|
|||||||||||
Total
operating expenses
|
1,447,851
|
1,222,920
|
4,634,011
|
3,490,887
|
18,769,276
|
|||||||||||
Loss
before other income (expense)
|
(1,447,851
|
)
|
(1,222,920
|
)
|
(4,634,011
|
)
|
(3,490,887
|
)
|
(18,448,310
|
)
|
||||||
Other
income (expense):
|
||||||||||||||||
Change
in fair value of warrant liability
|
-
|
53,546
|
-
|
263,670
|
||||||||||||
Interest
income
|
53,445
|
38,964
|
128,064
|
127,137
|
424,179
|
|||||||||||
Interest
expense
|
-
|
-
|
-
|
-
|
(244,138
|
)
|
||||||||||
Total
other income (expense)
|
53,445
|
92,510
|
128,064
|
390,807
|
180,041
|
|||||||||||
Net
loss
|
$
|
(1,394,406
|
)
|
$
|
(1,130,410
|
)
|
$
|
(4,505,947
|
)
|
$
|
(3,100,080
|
)
|
$
|
(18,268,269
|
)
|
|
Net
loss per share:
|
||||||||||||||||
Basic
and diluted
|
$
|
(0.05
|
)
|
$
|
(0.06
|
)
|
$
|
(0.20
|
)
|
$
|
(0.18
|
)
|
||||
Weighted-average
shares:
|
||||||||||||||||
Basic
and diluted
|
25,446,803
|
17,460,181
|
22,021,676
|
17,172,469
|
ARBIOS
SYSTEMS, INC.
|
(A
Development Stage Company)
|
CONDENSED
STATEMENTS OF CASH FLOWS
|
(Unaudited)
|
For
the nine months ended
September
30,
|
Inception
to
|
|||||||||
2007
|
2006
(Restated)
|
September
30, 2007
|
||||||||
Cash
flows from operating activities:
|
||||||||||
Net
loss
|
$
|
(4,505,947
|
)
|
$
|
(3,100,080
|
)
|
$
|
(18,268,269
|
)
|
|
Adjustments
to reconcile net loss to net cash provided by
|
||||||||||
(used
in) operating activities:
|
||||||||||
Amortization
of debt discount
|
-
|
-
|
244,795
|
|||||||
Depreciation
and amortization
|
37,506
|
37,957
|
289,725
|
|||||||
Change
in fair value of warrant liability
|
-
|
(263,670
|
)
|
-
|
||||||
Patent
rights impairment
|
-
|
-
|
91,694
|
|||||||
Interest
earned on discounted short term investments
|
-
|
(86
|
)
|
-
|
||||||
Issuance
of common stock, options and warrants for compensation
|
585,376
|
595,114
|
3,385,310
|
|||||||
Issuance
of warrants for patent acquistion
|
74,570
|
-
|
74,570
|
|||||||
Settlement
of accrued expense
|
-
|
-
|
54,401
|
|||||||
Deferred
compensation costs
|
-
|
-
|
319,553
|
|||||||
Loss
on disposition of fixed assets
|
2,766
|
-
|
2,766
|
|||||||
Changes
in operating assets and liabilities:
|
||||||||||
Prepaid
expenses
|
96,388
|
79,848
|
(50,777
|
)
|
||||||
Other
assets
|
(13,187
|
)
|
7,947
|
(76,014
|
)
|
|||||
Accounts
payable
|
75,102
|
(20,586
|
)
|
385,264
|
||||||
Accrued
expenses
|
549,141
|
(36,374
|
)
|
587,712
|
||||||
Other
liabilities
|
-
|
-
|
64,695
|
|||||||
Contractual
obligation
|
250,000
|
-
|
250,000
|
|||||||
Net
cash used in operating activities
|
(2,848,285
|
)
|
(2,699,930
|
)
|
(12,644,575
|
)
|
||||
Cash
flows from investing activities:
|
||||||||||
Additions
of property and equipment
|
(2,500
|
)
|
(3,447
|
)
|
(147,296
|
)
|
||||
Purchase
of short term investments
|
-
|
(10,904,894
|
)
|
(21,866,787
|
)
|
|||||
Maturities
of short term investments
|
-
|
10,907,980
|
21,866,787
|
|||||||
Net
cash used in investing activities
|
(2,500
|
)
|
(361
|
)
|
(147,296
|
)
|
||||
Cash
flows from financing activities:
|
||||||||||
Proceeds
from issuance of convertible debt
|
-
|
-
|
400,000
|
|||||||
Proceeds
from common stock option/warrant exercise
|
2,700
|
-
|
67,900
|
|||||||
Net
proceeds from issuance of common stock and warrants
|
4,483,831
|
1,254,988
|
15,797,080
|
|||||||
Net
proceeds from issuance of preferred stock
|
-
|
-
|
238,732
|
|||||||
Payments
on capital lease obligation, net
|
-
|
-
|
(21,815
|
)
|
||||||
Net
cash provided by financing activities
|
4,486,531
|
1,254,988
|
16,481,897
|
|||||||
Net
increase (decrease) in cash
|
1,635,746
|
(1,445,303
|
)
|
3,690,026
|
||||||
Cash
at beginning of period
|
2,054,280
|
2,379,738
|
-
|
|||||||
|
||||||||||
Cash
at end of period
|
$
|
3,690,026
|
$
|
934,435
|
$
|
3,690,026
|
||||
Supplemental
disclosures of non-cash financing activity
|
||||||||||
Issuance
of securities for obligation related to finder's fees
|
-
|
-
|
$
|
47,500
|
||||||
Accrued
warrant liability
|
-
|
$
|
1,021,172
|
$
|
-
|
ARBIOS
SYSTEMS, INC.
|
(A
Development Stage Company)
|
CONDENSED
STATEMENT OF STOCKHOLDERS' EQUITY
|
PERIOD
FROM AUGUST 23, 2000 (INCEPTION) TO SEPTEMBER 30,
2007
|
Deficit
|
|||||||||||||||||||||||||
|
|
|
|
Accumulated
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
|
During
the
|
|
|
|
||||||||
|
|
Preferred
Stock
|
|
Common
Stock
|
|
Paid-In
|
|
Deferred
|
|
Development
|
|
|
|
||||||||||||
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Capital
|
|
Costs
|
|
Stage
|
|
Total
|
|||||||||
Balance,
August 23,
|
|||||||||||||||||||||||||
2000
(inception) restated for
effect of reverse merger with
Historical Autographs U.S.A. Inc.
|
-
|
-
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||||||
Stock
issuance
|
|||||||||||||||||||||||||
in
exchange for cash
|
5,000,000
|
50
|
4,950
|
5,000
|
|||||||||||||||||||||
Net
loss
|
(9,454
|
)
|
(9,454
|
)
|
|||||||||||||||||||||
Balance,
December 31,
|
|||||||||||||||||||||||||
2000,
as restated
|
-
|
-
|
5,000,000
|
50
|
4,950
|
-
|
(9,454
|
)
|
(4,454
|
)
|
|||||||||||||||
Issuance
of junior preferred stock for cash of $250,000 and in exchange
for
$400,000 in patent rights, research and development costs,
and employee
loanout costs less issuance expenses of $11,268, June 29,
2001
|
681,818
|
7 |
958,278
|
(343,553
|
)
|
614,732
|
|||||||||||||||||||
Issuance
of common stock in exchange
|
|||||||||||||||||||||||||
for
patent rights and deferred research
|
|||||||||||||||||||||||||
and
development costs
|
362,669
|
4
|
547,284
|
547,288
|
|||||||||||||||||||||
Services
receivable
|
(550,000
|
)
|
(550,000
|
)
|
|||||||||||||||||||||
Deferred
employee
|
|||||||||||||||||||||||||
loan-out
costs
|
|||||||||||||||||||||||||
receivable
earned
|
82,888
|
82,888
|
|||||||||||||||||||||||
Net
loss
|
(237,574
|
)
|
(237,574
|
)
|
|||||||||||||||||||||
Balance,
December 31, 2001
|
681,818
|
7
|
5,362,669
|
54
|
1,510,512
|
(810,665
|
)
|
(247,028
|
)
|
452,880
|
ARBIOS
SYSTEMS, INC.
|
(A
Development Stage Company)
|
CONDENSED
STATEMENT OF STOCKHOLDERS' EQUITY
|
PERIOD
FROM AUGUST 23, 2000 (INCEPTION) TO SEPTEMBER 30,
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
Deficit
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
|
During
the
|
|
|
|
||||||||
|
|
Preferred
Stock
|
|
Common
Stock
|
|
Paid-In
|
|
Deferred
|
|
Development
|
|
|
|
||||||||||||
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Capital
|
|
Costs
|
|
Stage
|
|
Total
|
|
||||||||
Amendment
of December 31, 2001
|
|||||||||||||||||||||||||
agreement
for the issuance of
common
stock agreement in
exchange
for research and
development
services
|
(495,599
|
)
|
550,000
|
54,401
|
|||||||||||||||||||||
Deferred
employee loan out
|
|||||||||||||||||||||||||
costs
receivable earned
|
171,776
|
171,776
|
|||||||||||||||||||||||
Issuance
of common
|
|||||||||||||||||||||||||
stock
for compensation
|
70,000
|
1
|
10,499
|
10,500
|
|||||||||||||||||||||
Issuance
of common stock for cash
|
999,111
|
9
|
149,857
|
149,866
|
|||||||||||||||||||||
Net
loss
|
(494,780
|
)
|
(494,780
|
)
|
|||||||||||||||||||||
Balance,
December 31, 2002
|
681,818
|
7
|
6,431,780
|
64
|
1,175,269
|
(88,889
|
)
|
(741,808
|
)
|
344,643
|
|||||||||||||||
Issuance
of common stock for cash
|
|||||||||||||||||||||||||
less
issuance expense of $2,956
|
417,000
|
417
|
246,827
|
247,244
|
|||||||||||||||||||||
Issuance
of common stock in private
|
|||||||||||||||||||||||||
placement
for cash less
|
|||||||||||||||||||||||||
issuance
expense of $519,230
|
4,000,000
|
4,000
|
3,476,770
|
3,480,770
|
|||||||||||||||||||||
Issuance
of common stock
|
|||||||||||||||||||||||||
for
convertible debenture less
|
|||||||||||||||||||||||||
issuance
expense of $49,500
|
400,000
|
400
|
350,100
|
350,500
|
|||||||||||||||||||||
Shares
issued in connection with
|
|||||||||||||||||||||||||
acquisition
of Historical Autographs
|
|||||||||||||||||||||||||
U.S.A.,
Inc. on October 30, 2003
|
1,220,000
|
8,263
|
(8,263
|
)
|
-
|
ARBIOS
SYSTEMS, INC.
|
(A
Development Stage Company)
|
CONDENSED
STATEMENT OF STOCKHOLDERS' EQUITY
|
PERIOD
FROM AUGUST 23, 2000 (INCEPTION) TO SEPTEMBER 30,
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
Deficit
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
|
During
the
|
|
|
|
||||||||
|
|
Preferred
Stock
|
|
Common
Stock
|
|
Paid-In
|
|
Deferred
|
|
Development
|
|
|
|
||||||||||||
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Capital
|
|
Costs
|
|
Stage
|
|
Total
|
|
||||||||
Value
of warrants and beneficial
|
|||||||||||||||||||||||||
conversion
feature of bridge loan
|
244,795
|
244,795
|
|||||||||||||||||||||||
Deferred
employee loan-out
|
|||||||||||||||||||||||||
costs
receivable earned
|
88,889
|
88,889
|
|||||||||||||||||||||||
Preferred
Stock converted
|
|||||||||||||||||||||||||
to
Common Stock
|
(681,818
|
)
|
(7
|
)
|
681,818
|
7
|
|||||||||||||||||||
Net
loss
|
(885,693
|
)
|
(885,693
|
)
|
|||||||||||||||||||||
Balance,
December 31, 2003
|
-
|
-
|
13,150,598
|
13,151
|
5,485,498
|
-
|
(1,627,501
|
)
|
3,871,148
|
||||||||||||||||
Issuance
of common stock options
|
|||||||||||||||||||||||||
and
warrants for compensation
|
972,430
|
972,430
|
|||||||||||||||||||||||
Exercise
of common stock options
|
18,000
|
18
|
2,682
|
2,700
|
|||||||||||||||||||||
Issuance
of securities for payable
|
47,499
|
47
|
47,451
|
47,498
|
|||||||||||||||||||||
Net
loss
|
(3,327,827
|
)
|
(3,327,827
|
)
|
|||||||||||||||||||||
Balance,
December 31, 2004
|
-
|
-
|
13,216,097
|
13,216
|
6,508,061
|
-
|
(4,955,328
|
)
|
1,565,949
|
||||||||||||||||
Issuance
of common stock in private
|
|||||||||||||||||||||||||
placement
for cash less issuance
|
|||||||||||||||||||||||||
expense
of $384,312
|
2,991,812
|
2,992
|
6,224,601
|
6,227,593
|
|||||||||||||||||||||
Issuance
of common stock options
|
|||||||||||||||||||||||||
and
warrants for compensation
|
557,080
|
557,080
|
|||||||||||||||||||||||
Exercise
of common stock options
|
25,000
|
25
|
62,475
|
62,500
|
ARBIOS
SYSTEMS, INC.
|
(A
Development Stage Company)
|
CONDENSED
STATEMENT OF STOCKHOLDERS' EQUITY
|
PERIOD
FROM AUGUST 23, 2000 (INCEPTION) TO SEPTEMBER 30,
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
|
During
the
|
|
|
|
||||||||
|
|
Preferred
Stock
|
|
Common
Stock
|
|
Paid-In
|
|
Deferred
|
|
Development
|
|
|
|
||||||||||||
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Capital
|
|
Costs
|
|
Stage
|
|
Total
|
|||||||||
Net
loss
|
(3,823,903)
|
(3,823,903)
|
|||||||||||||||||||||||
Balance,
December 31, 2005
|
-
|
-
|
16,232,909
|
$
|
16,233
|
$
|
13,352,217
|
-
|
($8,779,231
|
)
|
$
|
4,589,219
|
|||||||||||||
Issuance
of common stock in private
|
|||||||||||||||||||||||||
placement
for cash less issuance
|
|||||||||||||||||||||||||
expense
of $95,013
|
1,227,272
|
1,227
|
1,253,760
|
1,254,987
|
|||||||||||||||||||||
Issuance
of common stock options
|
|||||||||||||||||||||||||
and
warrants for compensation
|
703,839
|
703,839
|
|||||||||||||||||||||||
Stock
warrant term extension
|
-
|
482,964
|
482,964
|
||||||||||||||||||||||
Warrant
liability
|
(1,284,841
|
)
|
(1,284,841
|
)
|
|||||||||||||||||||||
Net
loss
|
(4,461,904
|
)
|
(4,461,904
|
)
|
|||||||||||||||||||||
Balance,
December 31, 2006
|
-
|
-
|
17,460,181
|
$
|
17,460
|
$
|
14,507,939
|
-
|
($13,241,135
|
)
|
$
|
1,284,264
|
|||||||||||||
ARBIOS
SYSTEMS, INC.
|
(A
Development Stage Company)
|
CONDENSED
STATEMENT OF STOCKHOLDERS' EQUITY
|
PERIOD
FROM AUGUST 23, 2000 (INCEPTION) TO SEPTEMBER 30, 2007
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
|
During
the
|
|
|
|
||||||||
|
|
Preferred
Stock
|
|
Common
Stock
|
|
Paid-In
|
|
Deferred
|
|
Development
|
|
|
|
||||||||||||
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Capital
|
|
Costs
|
|
Stage
|
|
Total
|
|||||||||
Cumulative
effect of change in
|
|||||||||||||||||||||||||
accounting
principle:
|
|||||||||||||||||||||||||
Adjust
retained earnings at
|
|||||||||||||||||||||||||
January
1, 2007 for change in
|
|||||||||||||||||||||||||
accounting
principle
|
(521,187
|
)
|
(521,187
|
)
|
|||||||||||||||||||||
Reclassification
of warrants
|
1,284,841
|
1,284,841
|
|||||||||||||||||||||||
Issuance
of common stock and warrants
|
|||||||||||||||||||||||||
in
private placement for cash less issuance
|
|||||||||||||||||||||||||
expense
of $377,169
|
7,478,462
|
7,479
|
4,476,352
|
4,483,831
|
|||||||||||||||||||||
Exercise
of common stock warrants
|
18,000
|
18
|
2,682
|
2,700
|
|||||||||||||||||||||
Stock
option based compensation expense
|
346,081
|
346,081
|
|||||||||||||||||||||||
Stock
warrant term extension
|
- | 59,025 | 59,025 | ||||||||||||||||||||||
Restricted
stock based compensation expense
|
621,818 | 621 | 179,649 | 180,270 | |||||||||||||||||||||
Issuance
of warrants for patent acquistion
|
74,570
|
74,570
|
|||||||||||||||||||||||
Net
loss
|
(4,505,947
|
)
|
(4,505,947
|
)
|
|||||||||||||||||||||
Balance,
September 30, 2007
|
-
|
-
|
25,578,461
|
$
|
25,578
|
$
|
20,931,139
|
-
|
($18,268,269
|
)
|
$
|
2,688,448
|
Three
months ended September
30, 2006
|
Nine
months ended September
30, 2006
|
||||||
Net
loss:
|
|||||||
Originally
reported
|
$
|
(1,081,410
|
)
|
$
|
(2,988,080
|
)
|
|
Adjustment
|
(49,000
|
)
|
(112,000
|
)
|
|||
Restated
|
$
|
(1,130,410
|
)
|
$
|
(3,100,080
|
)
|
|
Net
loss per share:
|
|||||||
Originally
Reported
|
$
|
(0.06
|
)
|
$
|
(0.17
|
)
|
|
Adjustment
|
-
|
(0.01
|
)
|
||||
Restated
|
$
|
(0.06
|
)
|
$
|
(0.18
|
)
|
|
Accrued
warrant liability:
|
|||||||
Originally
reported
|
$
|
524,172
|
|||||
Adjustment
|
497,000
|
||||||
Restated
|
$
|
1,021,172
|
|||||
Additional
paid-in capital:
|
|||||||
Originally
reported
|
$
|
14,307,052
|
|||||
Adjustment
|
(385,000
|
)
|
|||||
Restated
|
$
|
13,922,052
|
Contractual Obligations |
Total
|
2007
|
2008
|
2009
|
2010
|
|||||||||||
Long-Term
Leases
|
$
|
60,000
|
$
|
20,000
|
$
|
40,000
|
$
|
-
|
$
|
-
|
||||||
License
Agreement
|
300,000
|
50,000
|
100,000
|
150,000
|
||||||||||||
Total
|
$
|
360,000
|
$
|
20,000
|
$
|
90,000
|
$
|
100,000
|
$
|
150,000
|
· |
delay,
reduce the scope of or eliminate one or more of our development
programs;
|
· |
obtain
funds through arrangements with collaboration partners or others
that may
require us to relinquish rights to some or all of our technologies,
product candidates or products that we would otherwise seek to develop
or
commercialize ourselves;
|
· |
license
rights to technologies, product candidates or products on terms that
are
less favorable to us than might otherwise be
available;
|
· |
seek
a buyer for all or a portion of our business;
or
|
· |
wind
down our operations and liquidate our assets on terms that are unfavorable
to us.
|