Related Party Transactions
|6 Months Ended|
Jun. 30, 2016
|Related Party Transactions [Abstract]|
|Related Party Transactions||
In connection with the formation of Corbus Pharmaceutical Holdings, Inc. in December 2013, certain affiliates of Aegis Capital Corp. (the Placement Agent) and certain other parties not affiliated with us or the Placement Agent subscribed for an aggregate of 6,000,000 shares of common stock for which they paid an aggregate of $120,000 ($0.02 per share), including David Hochman, one of our directors who purchased 450,000 shares and whose family trust purchased 90,000 shares of common stock.
Following the Initial Closing of the 2014 Private Placement, which took place on April 11, 2014, the Placement Agent had a right to appoint one member of the Companys board of directors for a two-year term (the Aegis Nominee). David Hochman was appointed as the Aegis Nominee.
On March 21, 2014, the Company entered into a consulting agreement with Orchestra Medical Ventures, LLC (Orchestra), of which David Hochman is Managing Partner. The agreement provided that Orchestra would render a variety of consulting and advisory services relating principally to identifying and evaluating strategic relationships, licensing opportunities, and business strategies. Orchestra was compensated at the rate of $5,000 per month for twelve months, payable quarterly in advance. During the six months ended June 30, 2015, the Company paid Orchestra $15,000. The consulting agreement expired on April 11, 2015 and the Company is not obligated to make future payments.
As of June 30, 2015, one of the members of the Companys scientific advisory board was considered an affiliate of the Company as he owned more than 10% of the Companys common stock at that date. This individuals ownership of the Companys common stock was less than 10% as of June 30, 2016.
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
Reference 1: http://www.xbrl.org/2003/role/presentationRef