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RELATED PARTIES
6 Months Ended
Jun. 30, 2014
Related Party Transactions [Abstract]  
RELATED PARTIES

NOTE 14 – RELATED PARTIES

 

On February 29, 2012, Cooper C. Collins, who was then the largest shareholder of Pernix Therapeutics, LLC, or Pernix, was elected to serve on our board of directors. On October 5, 2011, we closed a stock purchase agreement with Pernix. From time to time, we have entered into agreements with Pernix in the normal course of business. All such agreements are reviewed by independent directors or a committee consisting of independent directors. During the six months ended June 30, 2014 and 2013, we did not engage in any transactions with Pernix. At June 30, 2014 and December 31, 2013, there were amounts due Pernix of approximately $46,000.

 

Additionally, there were amounts due to us from Pernix for legal fee reimbursement relating to a litigation matter stemming from a license and supply agreement in the amounts of $249,981 at both June 30, 2014 and December 31, 2013.