OTHER RECEIVABLE

6 Months Ended

Jun. 30, 2011

OTHER RECEIVABLE

OTHER RECEIVABLE

NOTE 5. OTHER RECEIVABLE

On June 25, 2010, the Company entered into an acquisition and license agreement (the “Agreement”) with Strakan International Limited and Zindaclin Limited, a subsidiary of Crawford Healthcare Limited, a pharmaceutical company based in England.  Under the terms of the Agreement, Zindaclin Limited will pay up to $5.1 million for the exclusive product rights to Zindaclin®, a zinc clindamycin for the treatment of acne, which consideration will be shared equally by Strakan International Limited and ULURU.  Guaranteed payments of $1,050,000 are scheduled to be received by the Company, of which $550,000 occurred in 2010, $250,000 occurred in 2011, and $250,000 will occur in June 2012.  The receipt of the full $5.1 million purchase price will be dependent on product approval in the United States.

Other receivables consisted of the following at June 30, 2011 and December 31, 2010:

	June 30, 2011						December 31, 2010
Payment obligation due:	Gross Receivable		Imputed  Interest		Net Receivable		Gross Receivable		Imputed  Interest		Net Receivable
2011	$	---	$	---	$	---	$	250,000	$	3,570	$	246,430
2012		250,000		7,289		242,711		250,000		10,872		239,128
Total	$	250,000	$	7,289	$	242,711	$	500,000	$	14,442	$	485,558