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Note 12 - Site-directed Bone Growth
12 Months Ended
Dec. 31, 2011
Other Assets Disclosure [Text Block]
12. Site-directed Bone Growth

In September 2011, we sold our non-core asset, the Site Directed Bone Growth (SDBG) program, by assigning seven patent applications to Kieran Murphy, LLC. In addition, we terminated an Exclusive License Agreement and Consulting Agreement with Kieran Murphy, LLC, as well as a License Option Agreement and Research Agreement with Yale University. In exchange for the assignment of the patents and patent applications, we will receive sales royalties in excess of seven percent (7%) and will receive forty percent (40%) of any future licensing revenue and/or forty percent (40%) of all considerations received upon the subsequent sale of the SDBG patent portfolio by Kieran Murphy, LLC.

In divesting our SDBG patent portfolio, we also terminated our License Option Agreement and Research Agreement (which expired May 31, 2010) with Yale University. We had previously been working with Yale Professor Agnes Vignery and filed a number of patent applications covering the SDBG Patent Portfolio. We have terminated these agreements and returned a number of patent applications to Yale University.

In addition to the potential revenue above, we received cash payments aggregating $20,000. In association with this transaction we sold various SDBG patents and patent applications with a total book value of $844,241. We therefore recognized a loss of $824,241 on the sale of SDBG.