Note 6 - Intangible Assets, Net

9 Months Ended

Sep. 30, 2015

Intangible Assets Disclosure [Text Block]

6 .	Inta n gible Assets, Net

Intangible assets were as follows:

	September 30 , 2015						December 31, 2014
	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, net		Gross Carrying Amount		Accumulated Amortization		Intangible Assets, net
In-process research and development costs (IPR&D)	$	6,449,628	$	0	$	6,449,628	$	6,449,628	$	0	$	6,449,628

For the three months and nine months ended September 30, 2014, the Company recorded amortization expense on finite lived intangible assets of $367,019 and $875,024 within depreciation and amortization on the condensed consolidated statements of operations. Such amortization expense related to intangible assets acquired in the Company’s acquisition of Canterbury Laboratories LLC and Hygeia Therapeutics, Inc., which the Company abandoned and wrote-off in the fourth quarter of 2014. See Note 6 to the Company’s consolidated financial statements for the year ended December 31, 2014 included in the Company’s annual report on Form 10-K for the year ended December 31, 2014.

During the second quarter of 2015, the Company performed its annual review for impairment of its in-process research and development (“IPR&D”) intangible asset as prescribed in ASC 350 and also following guidance from “AICPA’s Accounting & Valuation Guide: Assets Acquired to Be Used in R&D Activities,” and determined that there had been no impairment to this asset. In connection with an impairment of the Company’s goodwill as discussed in Note 7 below, the Company re-assessed the IPR&D asset for impairment as of September 30, 2015 and concluded there continues to be no impairment to this asset