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RESTRUCTURING COSTS AND OTHER CORPORATE CHANGES
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12 Months Ended | |
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Dec. 31, 2014
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| Restructuring and Related Activities [Abstract] | ||
| Restructuring and Related Activities Disclosure [Text Block] |
16. RESTRUCTURING COSTS AND OTHER CORPORATE CHANGES
During the fourth quarter of 2013, the Company’s executive management and board of directors were reorganized, and the board of directors approved the relocation of the Company’s principal executive offices from Newton, Massachusetts to its corporate headquarters in Madison, Wisconsin. These actions resulted in the termination of the employment of the Company’s President and Chief Executive Officer, its Vice President of Research and Development, its Chief Financial Officer, its Director of Financial Reporting, and the resignation of five board directors. Restructuring charges of approximately $1,097,000 were recorded in the twelve months ended December 31, 2013 as a result of these actions. This amount consists of approximately $386,000 of severance and retention expense, approximately $706,000 of stock-based compensation expense related to the modification of options, and approximately $5,000 of other administrative expense. As part of the transition in the executive management team and office location during 2014, the Company entered into agreements with the Chief Financial Officer and Director of Financial Reporting to retain their services until the second quarter of 2014. These two employees received lump-sum severance payments totaling approximately $160,000, and modifications to their existing stock options which resulted in approximately $48,000 of incremental stock-based compensation expense. The Company also incurred approximately $14,000 to close the Newton office. These costs are included in the approximately $222,000 of restructuring costs presented in the Consolidated Statement of Operations for the twelve months ended December 31, 2014. |