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INTANGIBLE ASSETS | 12 Months Ended
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Sep. 30, 2012
INTANGIBLE ASSETS | NOTE 3. INTANGIBLE ASSETS Intangible assets consist of in-process research and development (IPR&D) not subject to amortization, and patents and other intangible assets subject to amortization, which were capitalized as a part of a business combination. IPR&D represents projects that have not yet received regulatory approval and are required to be classified as indefinite assets until the successful completion or the abandonment of the associated R&D efforts. Accordingly, during the development period after the date of acquisition, these assets will not be amortized until approval is obtained in one or more jurisdictions which, individually or combined, are expected to generate a significant portion of the total revenue expected to be earned by an IPR&D project. At that time, we will determine the useful life of the asset, reclassify the asset out of IPR&D and begin amortization. If the associated R&D effort is abandoned the related IPR&D assets will likely be written off and we would record an impairment loss. Intangible assets subject to amortization include patents capitalized as part of a business combination as well as license agreements capitalized as part of a business combination from the acquisition of Roche Madison. The license agreements are being amortized over the estimated life remaining at the time of acquisition which was 4 years. Patents are amortized over a period of three years to twenty years. The weighted average original amortization period is twelve years. Amortization of license agreements and patents is expected to be approximately $300,000 for fiscal years 2013, 2014, and 2015, $250,000 in 2016, $240,000 in 2017 and $280,000 thereafter. We review amounts capitalized as in-process research and development for impairment at least annually in the fourth quarter, and whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. In the event the carrying value of the assets is not expected to be recovered, the assets are written down to their estimated fair values. We continue to test our indefinite-lived IPR&D assets for potential impairment until the projects are completed or abandoned. The below table provides details on our intangible asset balances:
|  | Intangible assets not subject to amortization |  |  | Intangible assets subject to amortization |  |  | Total Intangible assets |
Balance at September 30, 2010 |  | $ | 0 |  |  | $ | 1,973,019 |  |  | $ | 1,973,019 |
Amortization |  |  | 0 |  |  |  | (241,808 | ) |  |  | (241,808 | )
Balance at September 30, 2011 |  | $ | 0 |  |  | $ | 1,731,211 |  |  | $ | 1,731,211 |
Additions – Madison acquisition |  |  | 944,935 |  |  |  | 230,000 |  |  |  | 1,174,935 |
Additions – Alvos acquisition |  |  | 2,172,387 |  |  |  | 0 |  |  |  | 2,172,387 |
Amortization |  |  | 0 |  |  |  | (293,964 | ) |  |  | (293,964 | )
Balance at September 30, 2012 |  | $ | 3,117,322 |  |  | $ | 1,667.247 |  |  | $ | 4,784,569 |

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