Intangible Assets

Intangible assets consisted of the following at December 31:



	2014			2013

Product and license rights	$	16,477,749		$	12,139,031
Less: accumulated amortization	(2,225,949		)	(1,096,238		)
Total product and license rights	14,251,800			11,042,793
Patents	8,194,264			4,866,570
Less: accumulated amortization	(877,523		)	(410,544		)
Total patents	7,316,741			4,456,026
Trademarks	9,020			9,020
Less: accumulated amortization	(9,020		)	(9,020		)
Total trademarks	—			—
Total intangible assets	$	21,568,541		$	15,498,819

On February 28, 2014, the Company acquired the rights of the branded prescription product Vaprisol from Astellas (discussed more fully in Note 3). The intangible asset is valued at $3.0 million and is included in product and license rights. The asset will be amortized over the remaining expected useful life of the acquired asset, currently the life of the agreement, which ends in February 2022.

During 2013, the Company entered into an agreement with Pernix to distribute and promote the branded prescription product Omeclamox-Pak. The $4.0 million upfront payment the Company paid to Pernix Therapeutics on October 29, 2013 (discussed more fully in Note 3) is included in product and license rights and will be amortized over the remaining expected useful life of the acquired asset, currently the life of the agreement, which ends in June 2032.

In 2011, the Company acquired the Kristalose trademark and FDA registration from Mylan Inc. The agreement requires the Company to make future quarterly payments over a seven-year period equal to a percentage of Kristalose net sales. The payments are being treated as consideration for the assets acquired and are being capitalized and amortized over the remaining expected useful life of the acquired asset, currently the remaining term of the 15 year agreement. During 2014 and 2013, the Company paid $1.3 million and $0.8 million, respectively, to Mylan Inc. in Kristalose payments.

During 2014 and 2013, the Company recorded an additional $3.3 million and $2.1 million, respectively, in intangible assets for capitalized patent costs, including amounts incurred in the protection of the Company's intellectual property. These costs will be amortized over the remaining expected useful life of the associated patents.

Amortization expense related to product and license rights, trademarks and patents was $1.6 million, $0.9 million and $0.5 million during 2014, 2013 and 2012, respectively. The expected amortization expense for the Company's current balance of intangible assets are as follows:



Year ending December 31:
2015	$	1,949,396
2016	1,949,396
2017	1,949,396
2018	1,949,396
2019 and thereafter	13,770,957
	$	21,568,541