Note 6 - Intangible Assets, Net

6 Months Ended

Jun. 30, 2015

Intangible Assets Disclosure [Text Block]

6 .	Inta n gible Assets, Net

Intangible assets were as follows:

	June 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 six months ended June 30, 2014, the Company recorded amortization expense on finite lived intangible assets of $321,186 and $508,005 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.

The Company performed its 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 has determined that there has been no impairment to this asset as of June 30, 2015