Subsequent Events |
12 Months Ended | |
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Dec. 31, 2015 | ||
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15. Subsequent Events
On March 7, 2016, the Company acquired Jade Therapeutics, Inc. (“Jade”), a privately-held company developing locally administered, polymer-based products designed to treat poorly-served ophthalmic indications. Under the terms of the agreement, in consideration for the outstanding equity interests in Jade, EyeGate repaid Jade liabilities of $300,000 and will issue up to 765,728 shares of EyeGate common stock, 90% of which were issued at the closing and 10% of which will be held back for 18 months to satisfy post-closing adjustments or indemnification obligations. The closing price of the Company’s common stock on March 7, 2016 was $3.80 per share. The transaction also includes a cash earn-out provision requiring the additional payment of up to $2,164,451 contingent upon a Jade product receiving FDA marketing approval.
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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