Note 3 - Marketable Investments

9 Months Ended

Sep. 30, 2013

Investments, Debt and Equity Securities [Abstract]

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

Note 3. Marketable Investments

On July 9, 2013, the Company entered into a note purchase agreement to purchase, at par, $3,000,000 of a total $100,000,000 aggregate principal amount offering of a Senior Secured notes due in November 2026.  The Notes pay interest quarterly commencing November 15, 2013. Upon the first interest payment date, any cash shortfall will be payable through the issuance of paid-in-kind notes.  Subsequent interest payments from February 15, 2014, through May 15, 2015, will be supported by a cash interest reserve account funded at close of $4,500,000.  The notes are subject to redemption on or after July 10, 2015, at a price at or above par, as defined.  The notes are secured by certain royalty and milestone payments associated with the sales of pharmaceutical products. The notes are reflected at fair value as Available-for-sale securities. During the three and nine months ended September 30, 2013, the Company had no sales of available-for-sale securities and no securities have been considered impaired.

The amortized cost basis amounts, gross unrealized holding gains, gross unrealized holding losses and fair values of available-for-sale securities at September 30, 2013 are as follows (in thousands):

	Amortized  Cost		Gross  Unrealized   Gains		Gross   Unrealized  Loss		Fair  Value
Available for Sale Securities
Corporate debt securities	$	3,000	$	-	$	-	$	3,000
	$	3,000	$	-	$	-	$	3,000