Quarterly report pursuant to Section 13 or 15(d)

Commitments

v2.4.0.6
Commitments
6 Months Ended
Jun. 30, 2012
Commitments  
Commitments

12.                               Commitments

 

Lease Commitments

 

In June 2011, the Company entered in to a three year facility lease for office space at a new location in Milford, Massachusetts, beginning August 2011.  In addition to the minimum lease payments, the new lease agreement requires payment of the Company’s pro-rata share of property taxes and building operating expenses.

 

Under the new lease, future minimum lease payments are estimated to be as follows (in thousands):

 

Year

 

Future Minimum
Lease Payments

 

2012

 

19

 

2013

 

41

 

2014

 

30

 

Total

 

$

90

 

 

The Company manufactures its RenalGuard consoles and sterile disposable kits using two separate outside contract manufacturers. The contracts with these manufacturers do not contain minimum purchase requirements or any future commitments. Purchases are made upon request to the manufacturer.

 

During the year ended December 31, 2011, the Company hired a clinical research organization (“CRO”) to assist with managing its clinical trial. The contract with the CRO does not contain minimum purchase requirements or any future commitments, and payments are made once services are provided.