Processa Pharmaceuticals, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

Related Party Transactions	3 Months Ended
Sep. 30, 2013
Notes
Related Party Transactions	9. RELATED PARTY TRANSACTIONS: During the three and nine months ended September 30, 2013, the Company paid consulting fees of $47,400 and $142,200, respectively to Richard Giles, a founder, stockholder and former director of the Company. During the three and nine months ended September 30, 2012 the Company paid consulting fees of $45,000 and $120,500, respectively to Richard Giles. There were no other payments to related parties during the three months ended September 30, 2012. During the nine months ended September 30, 2012 the company also paid consulting fees of $12,500 to Larry Griffin, a founder, and former executive officer of the Company. Mr. Gus Blass III, a member of our board of directors and a stockholder, held $125,000 of the senior secured notes payable in an individual capacity and $125,000 through an entity in which he is a managing member. The senior secured notes payable, principal and interest, were paid in full to Mr. Blass on September 15, 2013.

Related Party Transactions

3 Months Ended

Sep. 30, 2013

9. RELATED PARTY TRANSACTIONS:

During the three and nine months ended September 30, 2013, the Company paid consulting fees of $47,400 and $142,200, respectively to Richard Giles, a founder, stockholder and former director of the Company. During the three and nine months ended September 30, 2012 the Company paid consulting fees of $45,000 and $120,500, respectively to Richard Giles. There were no other payments to related parties during the three months ended September 30, 2012. During the nine months ended September 30, 2012 the company also paid consulting fees of $12,500 to Larry Griffin, a founder, and former executive officer of the Company.

Mr. Gus Blass III, a member of our board of directors and a stockholder, held $125,000 of the senior secured notes payable in an individual capacity and $125,000 through an entity in which he is a managing member. The senior secured notes payable, principal and interest, were paid in full to Mr. Blass on September 15, 2013.

- Definition

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.

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