Commitments and Contingencies

12 Months Ended

Dec. 31, 2015

9. Commitments and Contingencies

General

Please refer to Note 3 — Significant Contracts for further discussion of certain of the Company’s commitments and contingencies.

Leases

The following is a summary of the Company’s contractual obligations and commitments relating to its facilities leases as at December 31, 2015 (in $000s):

	Operating Lease Obligations
2016		$	537
2017			408
2018			381
2019			373
2020			373
Thereafter			1,795
Total		$	3,867

Rent expense, which includes lease payments related to the Company’s research and development facilities and corporate headquarters and other rent related expenses was $0.5 million for each of the years ended December 31, 2014 and 2015, respectively.

In October 2000, the Company entered into a twenty-five year lease for its research and development facility in Dundee, Scotland. In November 2013, the Company entered into a one year commitment to sublease part of the aforementioned research and development facility in Dundee, Scotland and recognized approximately $0.1 million for the year ended December 31, 2014. The commitment terminated in December 2014 and there was no sublease income in the year ended December 31, 2015. In May 2011, the Company extended its lease for office space at its headquarters in Berkeley Heights, New Jersey, through February 2017.

Preferred Dividends

The Company’s Board of Directors considers numerous factors in determining whether to declare the quarterly dividend pursuant to the certificate of designations governing the terms of the Company’s outstanding 6% Convertible Exchangeable (“Preferred Stock”), including the requisite financial analysis and determination of a surplus. Accrued and unpaid dividends in arrears on preferred stock were $0.6 million, or $1.90 per share, of preferred stock, as of December 31, 2014 and 2015.