|6 Months Ended|
Jun. 30, 2017
|Subsequent Events [Abstract]|
|Subsequent Events [Text Block]||
Note 8 Subsequent Events
Approval of Patent
On May 19, 2017, Avenue announced that Notice of Allowance had been received from the U.S. Patent and Trademark Office (USPTO) for a new patent application (U.S. Application No. 15/163,111), entitled "Intravenous Administration of Tramadol.” The patent application describes and claims a dosing regimen of intravenous (IV) 50 mg tramadol that provides certain pharmacokinetic parameters that are similar to those of 100 mg tramadol HCl administered orally every 6 hours at steady state. The issuance of the patent (U.S. Patent No. 9,693,949) occurred in July 2017. This patent application falls under Avenue’s licensing agreement with Revogenex Ireland Ltd.
Repayment of NSC Note
On July 5, 2017, the Company repaid the outstanding NSC Note of approximately $3.0 million and accrued interest of approximately $2,000.
Repayment of Fortress Note
On July 25, 2017, the Company used some of the proceeds from the IPO to pay off the obligation due under the Fortress Note of approximately $3.5 million and approximately $0.1 million of accrued interest at 2%.
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.
Reference 1: http://www.xbrl.org/2003/role/presentationRef