XML 38 R9.htm IDEA: XBRL DOCUMENT

Liquidity

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

2.	Liquidity:

At December 31, 2014, the Company had cash and cash equivalents of approximately $70.5 million. The Company used $28.8 million of cash from operations during the twelve months ended December 31, 2014 and had stockholders’ equity of $54.4 million, versus deficit of ($0.8) million at December 31, 2013. The Company has sufficient cash to manage the business into early 2016, although this assumes that the Company does not accelerate the development of other opportunities available to the Company, engage in an extraordinary transaction or otherwise face unexpected events, costs or contingencies, any of which could affect the Company’s cash requirements.

Additional capital may be required to support planned development of Clonidine Topical Gel, Buprenorphine Depot Injection, the Company’s commercialization activities for BUNAVAIL^®, the reformulation project for and anticipated commercial relaunch of ONSOLIS^® and general working capital. Based on product development timelines and agreements with the Company’s development partners, the ability to scale up or reduce personnel and associated costs are factors considered throughout the product development life cycle. Available resources may be consumed more rapidly than currently anticipated, resulting in the need for additional funding.

Disclosure of accounting policy for reporting when there is a substantial doubt about an entity's ability to continue as a going concern for a reasonable period of time (generally a year from the balance sheet date). Disclose: (a) pertinent conditions and events giving rise to the assessment of substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time, (b) the possible effects of such conditions and events, (c) management's evaluation of the significance of those conditions and events and any mitigating factors, (d) possible discontinuance of operations, (e) management's plans (including relevant prospective financial information), and (f) information about the recoverability or classification of recorded asset amounts or the amounts or classification of liabilities. If management's plans alleviate the substantial doubt about the entity's ability to continue as a going concern, disclosure of the principal conditions and events that initially raised the substantial doubt about the entity's ability to continue as a going concern would be expected to be considered. Disclose whether operations for the current or prior years generated sufficient cash to cover current obligations, whether waivers were obtained from creditors relating to the company's default under the provisions of debt agreements and possible effects of such conditions and events, such as: whether there is a possible need to obtain additional financing (debt or equity) or to liquidate certain holdings to offset future cash flow deficiencies. Disclose appropriate parent company information when parent is dependent upon remittances from subsidiaries to satisfy its obligations.

+ References+ Details