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INVENTORY

6 Months Ended

Jun. 30, 2011

NOTE 6.

INVENTORY

As of June 30, 2011, our inventory was comprised of Altrazeal® finished goods, manufacturing costs incurred in the production of Altrazeal® and Aphthasol®, and raw materials. Inventories are stated at the lower of cost (first in, first out method) or market. Appropriate consideration is given to deterioration, obsolescence, and other factors in evaluating net realizable value. Inventory consisted of the following at June 30, 2011 and December 31, 2010:

Inventory	June 30, 2011		December 31, 2010
Finished goods	$	425,538	$	450,820
Work-in-progress		355,975		296,485
Raw materials		70,999		70,999
Total	$	852,512	$	818,304

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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