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LICENSED TECHNOLOGY | 12 Months Ended
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Dec. 31, 2016
LICENSED TECHNOLOGY [Abstract] |
LICENSED TECHNOLOGY | NOTE 3 – LICENSED TECHNOLOGY On September 22, 2014, we entered into an exclusive, worldwide, licensing agreement with Plasma Technologies LLC to obtain rights to utilize and to sub-license to other pharmaceuticals firms, its patented methods for the extraction of therapeutic biologics from human plasma. The license is amortized over the life of the patent of 11 years. Under the terms of the licensing agreement, as amended on January 23, 2015, we paid a license fee of $1 million in cash, will pay $4,000,000 in cash or 1,096,151 shares of our common stock in 2017, a regulatory approval milestone payment of 513,375 shares of our common stock upon the first FDA regulatory approval of a drug derived from the PlasmaTech’s proprietary SDF process, and a tiered royalty on annual net sales of plasma fractions produced with PlasmaTech’s proprietary SDF process. We are currently negotiating the outstanding $4,000,000 payable, in accordance with the dispute resolution terms of the license agreement. On May 15, 2015, we acquired Abeona Therapeutics LLC which had a an exclusive license through Nationwide Children’s Hospital to the AB-101 and AB-102 patent portfolios for developing treatments for patients with Sanfilippo Syndrome Type A and Type B. The license is amortized over the life of the license of 20 years. On August 3, 2016, we announced, we entered into an agreement (the “EB Agreement”) with EB Research Partnership (“EBRP”) and Epidermolysis Bullosa Medical Research Foundation (“EBMRF”) to collaborate on gene therapy treatments for EB. The EB Agreement became effective August 3, 2016, on the execution of two licensing agreements with The Board of Trustees of Leland Stanford Junior University (“Stanford”) described below. EBRP and EBMRF have the contractual right to license from Stanford EB-101 (LZRSE-Col7A1 Engineered Autologous Epidermal Sheets (LEAES)), and authorized us to exercise such rights and enter into a license with Stanford for such technology, and to perform preclinical development and perform clinical trials of a gene therapy treatment for Epidermolysis Bullosa based upon such in-licensed technology. We also entered into a license with Stanford for the AAV-based gene therapy EB-201 (AAV DJ COL7A1) technology, and we shall perform preclinical development and perform clinical trials of a gene therapy treatment for EB based upon such in-licensed technology. EB-201 (AAV DJ COL7A1) is a pre-clinical candidate targeting a novel, AAV-mediated gene editing and delivery approach (known as homologous recombination) to correct gene mutations in skin cells (keratinocytes) for patients with recessive dystrophic epidermolysis bullosa (RDEB). The licenses are amortized over the life of the license of 20 years. Licensed technology consists of the following:
|  | December 31, |
|  | 2016 |  |  | 2015 |
Licensed technology |  | $ | 9,608,000 |  |  | $ | 7,156,000 |
Less accumulated amortization |  |  | 1,224,000 |  |  |  | 547,000 |
Licensed technology, net |  | $ | 8,384,000 |  |  | $ | 6,609,000 |
Amortization on licensed technology was $677,000 and $538,000 for the years ended December 31, 2016 and 2015, respectively. The aggregate estimated amortization expense for intangible assets remaining as of December 31, 2016 is as follows:
2017 |  | $ | 812 |
2018 |  |  | 812 |
2019 |  |  | 812 |
2020 |  |  | 812 |
2021 |  |  | 812 |
Thereafter |  |  | 4,324 |
Total |  | $ | 8,384 |

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